WASHINGTON — The media heralded Germany and France for pulling out of a prolonged recession, but ignore that the majority of the continent is still mired in a recession.
Reuters reports that the German and French economies grew faster than the U.S. and said this helps pull the eurozone out of its longest and most recent recession.
Although it may seem rosy at first, these countries grew a tepid 0.7% and 0.5%, which means they barely pulled out of a recession.
EU Economic and Monetary Affairs Commissioner Olli Rehn said, “For next year, our projections show the (European) recovery should be on a more solid footing, as long as we can continue to avoid new political crises and detrimental market turbulence” and said there is no room for complacency or celebration.
Spain, Italy, Portugal and Greece are still struggling and continue to threaten to pull down the rest of the eurozone down with them.
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