“The budget cuts are weighing it down…The conditions for a recovery in consumption are not there since unemployment hit a new record.”-Chiara Corsa, UniCredit bank

February 16, 2012, for the second month in a row, Italy’s economy shrank.  Two months in a row of contraction, that’s the official sign of recession.

Belgium was the first European country to officially go into a double dip recession. Interestingly this happened after they finally agreed to a new government, following more than a year without one.