Eurozone Recession to Continue into 2013
The eurozone will remain mired in recession in 2013 and leading nations such as France and Spain will miss debt-cutting targets, the European commission has admitted, backtracking on forecasts that the 17- country bloc will grow this year.
The European Union's executive body blamed a lack of bank lending to households and businesses, and record joblessness, for delaying the recovery. Unemployment in the eurozone is set to peak at 12% in 2013, or more than 19 million people, it said. Greece and Spain will be the worst-hit countries, with jobless rates of 27% this year.