Hopes for a eurozone recovery suffered a blow yesterday as the recession afflicting the 17-nation bloc became the longest since the single currency was born at the turn of the century. This latest dismal record came after unemployment hit 12.1 per cent in the bloc, its highest level.
France fell back into a recession, Italian output continued to contract and even Germany, the strongest and biggest eurozone economy, managed only a weak swing back to growth.
The gloom in the eurozone was offset by a sunnier forecast for the UK, where Sir Mervyn King, governor of the Bank of England, said recovery was in sight.
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