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Eurozone growth lowered to zero

According to revised official figures, the economy of the eurozone, the sixteen European countries using the euro, did not grow at all in the final quarter of last year. Eurostat reports that the number was revised from an initial figure of +0.1%.

Eurozone 2010

Meanwhile, the eurozone’s lost more than 2.2% in a year-on year comparison, more than the initial estimate of 2.1%.

According to the numbers, Ireland saw an output drop of 2.3% in the last quarter of 2009, while Greece, the country in the eurozone with the most debt, had its economy contract by 0.8%. Italy was down by 0.3%, Germany saw no gain, but France posted a 0.6% quarterly growth.

The Associated Press reports the stagnation was unexpected by analysts, and will only reinforce expectations that the European Central Bank will keep the key interest rate at one percent for most of 2010.

On this day January 1, 2002

Euro banknotes and coins become legal tender in twelve of the European Union’s member states.

euro_banknotesThe euro (currency sign: ; currency code: EUR) is the official currency of fifteen member states of the European Union (EU).

The states, known collectively as the Eurozone are: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. Read More…

Eurozone in recession

The Eurozone is now officially in a recession, due to the recently released figures showing that, in the third quarter of 2008, the economy shrunk by 0.2%.

European Central Bank

European Central Bank

For a recession to be official, the economy must have shrunk for at least two consecutive quarters. This is the case as the Eurozone’s economy also shrunk by 0.2% in the second quarter of this year.

Howard Archer, the chief European economist for Global Insight commented on these results. “Not only did the third quarter contraction in GDP confirm that the Eurozone is now in recession, but latest data and survey evidence indicate that the fourth quarter is likely to see a sharper fall in GDP as the financial crisis bites harder,” he stated.

This development comes after two large countries in the Eurozone, Germany and Italy announced that they were in a recession. Read More…

Fortis partially nationalised

Fortis (Euronext: FORA, Euronext: FORB, LuxSE: FOR) is a banking, insurance, and investment management company, and is the 20th largest business in the world by revenue. The Benelux countries are Fortis’ home base and its strength. Fortis’ banking operations include network (retail), commercial, and merchant banking; its insurance products include life, health, and property/casualty lines.

On September 27, 2008 Filip Dierckx was named as the new CEO of Fortis, to be approved by a shareholder meeting, after the shares of Fortis dropped 35% in one week time. Fortis also was subject of discussion on an emergency meeting of the Dutch and Belgian minister of finance and financial regulators, and rumours about partial or total takeovers are spread. Read More…