Recession ‘taking hold’ in Eurozone, OECD says

With Greek at 24.4% in June and as the Eurozone facing an acceleration of inflation, one might expect to see more of what has taken place in Spain — just on a wider scale.

PARIS (AP) — Europe’s debt crisis is pushing the 17-country eurozone toward recession and dragging down the global economy, the Organization for Economic Cooperation and Development said Thursday.

Even growth in traditional economic powerhouse Germany is slowing, and the OECD’s interim assessment said that Europe’s largest economy could slip into recession by the end of the year.

Full article: Recession ‘taking hold’ in Eurozone, OECD says (AP)