Eurozone to enter first ever recession

The global financial crisis is taking an increasingly heavy toll on Europe's economy as fresh economic projections - to be officially confirmed by the European Commission on Friday (14 November) - show that the 15-strong euro area has entered recession, its first in the structure's history.

The eurozone's economy contracted by 0.2 percent between July and September 2008, following a 0.2 percent decline during the second quater of this year, the BBC reports. Two consecutive quaters of c...