Eurostat, Europe’s statistics agency, revealed in August that the economies of both the euro zone and the European Union, which has 27 countries, shrank by 0.2 percent in the second quarter of the year.
Spain Two Romanian migrants look for paper to sell in a recycling container in Madrid. Spain’s economy did worse in 2011 and 2010 than previously estimated, the National Statistics Institute said Aug. 27, adding to the gloom surrounding the country as it struggles to emerge from recession and avoid a sovereign bailout. Spain has already sought a loan of up to $125 billion from its 16 euro-zone partners to help some of its banks that are laden with soured real estate investments following the collapse of the property sector and the onset of the financial crisis in 2008. Daniel Ochoa de Olza/AP Buy Photo