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Eurozone recession to continue into 2014

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The euro-area economy will shrink in back-to-back years for the first time ever, thanks to a mixture of across-the-board spending cuts by governments, consumers and companies, driving the 17-nation union’s already-high unemployment even higher. Some countries, such as Germany, are recovering at a much faster pace than other Eurozone countries, however, so the problems are not entirely universal.