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IMF Predicts EU Recession For 2012

25 JAN 2012

RIMANEWS - The International Monetary Fund (IMF) predicts that the eurozone's struggling economy will lead to yet another year of recession.

In its recently published 'World economic outlook', the IMF says it is expecting a recession for the euro bloc, as it continues to struggling overcome its debt crisis.

The IMF has forecast the eurozone's GDP to decline by 0.5 percent in 2012.

The organization has warned that the 17-nation bloc's growing debt has increased financial risks and is threatening global recovery.

The IMF cut its global economic forecast for the year from an earlier estimate of four percent to 3.3 percent.

It has also called on the European Central Bank to consider further cuts to its interest rate to help encourage economic growth in Europe.

There are fears that more delays in resolving the eurozone debt crisis, which began in Greece in late 2009 and infected Italy, Spain and France last year, could push not only Europe but also much of the rest of the developed world back into recession

Insolvency now also threatens heavily-debt-crippled countries such as Portugal, Italy, Ireland, and Spain.

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