EU changes its rhetoric on austerity as economy contracts

Note: This section contains information in English only.
Source: Bloomberg
European leaders affirmed a $7.7 billion, 7 year plan to lower youth unemployment, which is at 24% in the euro zone. The 17-country bloc saw its GDP contracting for a sixth consecutive quarter, which lead European Commission to revise its 2013 forecast from -0.3% to -0.4%. However, Germany's budget expert told that easing pace of austerity is a dangerous path to go.
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