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Friday, September 07, 2012

The Eurozone Crisis Is Going Critical

A new report by the Organization for Economic Cooperation and Development warned that the German economy could sink into a recession during the second half of this year. Germany's is the biggest economy in the Eurozone, and has largely been spared from the debt crisis that is dragging other nations like Greece, Portugal, Spain, and Italy into economic ruin. But this report suggests that it's just a matter of time before Germany, too, starts to go under – signaling that the Eurozone crisis is reaching a new stage – where even the strong can't survive. News of Germany's woes comes on the heels of a decision by the European Central Bank to buy bonds in struggling Eurozone nations to ease the debt crisis. From the get-go, the Eurozone was a bad idea proposed by transnational corporate interests that thought doing business with a single currency would be more profitable. Now, with the Eurozone collapsing – it's not the corporate interests that will suffer, but instead working people across Europe.

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