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Tuesday, 22 May 2012
Eurozone risks 'severe recession,' OECD warns
17 countries using euro are 'close to' 2% economic contraction
The Associated Press
Posted: May 22, 2012 5:33 AM ET
Last Updated: May 22, 2012 5:54 AM ET
The 17-country eurozone risks falling into a "severe recession," the Organization for Economic Co-operation and Development warns, calling on governments and Europe's central bank to act quickly to stop the slowdown spilling over into the global economy.
OECD Chief Economist Pier Carlo Padoan said the eurozone is "close to" the possible scenario of a two per cent economic contraction this year that the Paris-based think tank laid out as its worst-case scenario last November.