Financial crisis sends eurozone economy to brink of recession

BRUSSELS, Oct. 9 (Xinhua) -- The eurozone economy is now on the brink of recession as the financial crisis is devastating the 15-nation bloc sharing the euro currency. For the first time, economic growth in the eurozone recorded a quarterly decrease in the three months from April to June this year, figures from the European Union (EU)'s statistics bureau Eurostat showed Wednesday. But things have been getting worse after the negative growth in the second quarter, mainly due to the escalating financial crisis, which suggests that there is little chance of the eurozone economy rebounding in the following months. In technical terms, recession means negative growth in two consecutive quarters. As EU Economic and Monetary Affairs Commissioner Joaquin Almunia said Thursday, forecasts of a recession in Europe and the United States... [read full story]