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Thursday, Nov 15, 2012 5:15 AM UTC

Eurozone awaits official drop into recession

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Topics: From the Wires,

BRUSSELS (AP) — Official figures due Thursday are expected to show the 17-country eurozone is in recession, though only just.

The eurozone has dodged recession during its three-year debt crisis, mainly thanks to the strength of its largest single economy, Germany.

But even Germany is struggling now as confidence drains in the face of the turmoil afflicting large parts of the eurozone, mainly the southern economies of Greece, Spain, Italy and Portugal.

Five eurozone countries are already in recession, officially defined as two straight quarters of economic contraction. Thursday’s figures may see more joining them.

Analysts expect the eurozone economy contracted by a quarterly rate of 0.1 percent in the third quarter. Following a 0.2 percent decline in the second quarter, that would put the eurozone in recession.

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Gripping photos: The people of the Turkey protests (slideshow)

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  • The protests take on a festive element as police forces move out of the park and square. Wearing a gas mask, this young man dances to traditional Turkish music in front of Taksim Square’s Ataturk Monument.

  • In Gezi Park since March 31st, this protester, originally caught off-guard by the Government’s teargas and water cannons, went out and bought a Russian army mask from WWII, preparing for what was to come.

  • This rambunctious boy seems to be enjoying the chaos. After taking this picture he threw a stone at the already destroyed building in the background.

  • Forming a line, the police face off directly with protesters in Taksim Square. After a while, they retreated and there was a general cheer – a back-and-forth dance that has been common since the beginning of this protest.

  • An elderly woman in Gezi Park reads the news. The tent community occupying the park was violently destroyed on June 16th.

  • Many different groups had set up booths to promote their cause in Taksim Square and Gezi Park. Standing in front of one, this man waves his flag while posing with conviction.

  • Many home-remedies are used to minimize the effects of tear gas. This woman has put a milky solution on her face, removing her mask after the tear gas dissipated. Before sunrise, the police came again for another round of teargasing.

  • People capitalize on the uprising -- selling flags, beer, gas masks, sky lanterns and spray paint to name just a few of the popular items.

  • On Monday morning, June 11, the police execute a strong offensive. Many plain-clothed police officers, like the ones seen here, clash with protesters in the side streets away from the main stand-off in Taksim.

  • The authorities seem to be most aggressive in the night, pushing protesters away from the square and park. After being teargassed this young woman catches her breath with other protesters on Siraselviler Street.

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