EU warns of possible recession in eurozone

November 10, 2011 at 10:39a.m.

BRUSSELS (AP) — The European Union warned today that the 17-country eurozone could slip into “a deep and prolonged recession” next year as the debt crisis shows alarming signs of spinning out of control. The EU’s economic watchdog, the European Commission, said its central forecast is that the eurozone will grow by only a paltry 0.5 percent in 2012. That’s way down on the 1.8 percent prediction it made in the spring.