Economists: Europe Is Headed For Six Quarters Of Recession

As Europe seeks to patch together a deal to keep the Eurozone together, economists at Citigroup see the continent headed for a long recession. “Our economists believe the sovereign debt and banking crises are causing a renewed recession in the Euro Area,” reads the analysis. “Beginning in 4Q 2012, they forecast real GDP to contract for 6 consecutive quarters. It is expected to be an especially protracted recession. Not even in Japan, during its lost decades, did real GDP decline for 6 consecutive quarters.”