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February 16th, 2012 
FAKE NEWS for the Zionist agenda The Italian economy shrank by 0.7 percent in the fourth quarter of 2011 followed by a contraction of 0.2 percent in the third, the official data agency Istat said on Wednesday.
The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country’s gross domestic product (GDP).
Last time in 2009, Italy was in recession when its economy shrank by 5.1 percent and since then it has failed to make a full recovery. Joblessness has risen and national debt has reached the astounding level of 1.9 trillion euros ($2.5 trillion).
“The budget cuts are weighing it down… The conditions for a recovery in consumption are not there since unemployment hit a new record” of 8.9 percent in December, Chiara Corsa, an economist at UniCredit bank said.
Corsa added that high interest foreign loans in recent months have also had “repercussions on financing conditions for banks and businesses.”
Another analyst noted that the Italians are cutting back their expenses excessively since they anticipate that the current year will be marked by biting austerity.
Since 2010 heavy debt burden has forced Italy to adopt many large scale austerity packages, which have adversely affected economic activity in the country.
The government expects a 0.4 percent GDP shrinkage this year, but the Bank of Italy has forecast the contraction to be between 1.2 percent and 1.5 percent.
This is while the International Monetary Fund has predicted a steeper fall of 2.2 percent in Italy’s GDP.
GJH/MAB/AS/HN
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