Eurozone ‘still mired in recession’

<p>The eurozone’s economic situation remains bleak.</p>

The eurozone is still mired in recession with no end in sight to the sovereign debt crisis.

This is the view of Schroders' European economist Azad Zangana, who commented on European austerity and the recovery delay in the latest Economic and Strategy Viewpoint.

He stated policy makers all over the continent are being pushed into taking action following the release of data showing the eurozone has gone through its sixth consecutive quarter of negative growth.

"Schroders' forecast for Eurozone growth has been nudged down on the back of continued weakness in leading indicators," said Mr Zangana, who added his company has revised its growth forecasts upwards of late on the back of a stronger than expected end to the first quarter of 2013.

It was confirmed earlier in the week that Latvia is set to become the newest member of the eurozone next year and the Baltic state is also going to be adopting the single currency.

EU economic and monetary affairs commissioner Olli Rehn said Latvia's keenness to sign up to the euro was a good sign for the eurozone.

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