While according to figures released by the European statistics agency Eurostat on Tuesday the Eurozone is approaching a recession, in France economic growth is merely at zero and Germany has registered moderate growth. But these exceptions are no cause for optimism, the liberal-conservative business paper Il Sole 24 Ore writes: "The gloomy prognoses have only in part proved to be right. Because in France and in Germany, the core of the strong countries, growth may have slowed down, but less than expected. … The quarterly figures reflect a two-speed Eurozone, or rather a Eurozone of two opposing directions. … While the debt countries, and surprisingly also Finland, are floundering, others are continuing to grow, albeit at a slower pace than before. … However this doesn't refute the theory that the crisis of the peripheral states will slowly but surely extend across the entire monetary union. The downward trend has been confirmed, particularly in Germany, where economic growth is based above all on the purely mathematical logic of the gross domestic product: as long as exports decline at a slower pace than imports, the curve goes upwards." (15/08/2012)
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