Mild recession expected in eurozone

The eurozone economy will suffer a modest recession this year despite recent signs of stabilization, particularly in financial markets, the European Union’s executive branch said Thursday.

In its latest projections, Associated Press reports, the European Commission forecast a 0.3 percent contraction in the eurozone economy, with Greece leading the way downwards with a massive 4.4 percent decline.

That would be the fifth straight year of recession in Greece, which earlier this week clinched its second massive bailout package in less than two years.