Europe plunging into recession

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  • Europe plunging into recession
    http://www.wsws.org/articles/2012/jan2012/euro-j04.shtml

    French manufacturing has also suffered from the slump in demand across the continent. PSA Peugeot Citroën, Europe’s second-biggest carmaker after Volkswagen, recorded a 29 percent fall in its December sales, while the country’s second major car producer, Renault, registered a 28 percent drop. “Orders were down about 55 percent in December, which leads us to expect a car market contraction of 17 percent in the first quarter of 2012,” said Renault sales chief Bernard Cambier.

  • Europe plunging into recession
    http://www.wsws.org/articles/2012/jan2012/euro-j04.shtml

    Europe plunging into recession
    By Stefan Steinberg
    4 January 2012

    2011 was a year of austerity for Europe. At the behest of the European Union and the International Monetary Fund, stringent programs imposing cuts in wages, pensions and social services, combined with the decimation of jobs, were introduced by governments across the continent.

    These austerity measures, designed to pay for massive bailouts of the banks following the financial crash of 2008, are now plunging Europe into new economic and social turmoil. This is confirmed by the most recent economic figures, which indicate that 2012 will be a year of renewed recession in Europe.

    Europe Récession Crisefinancière Dette