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Eurowrap 25/10/12

A focus on the key news and analysis surrounding the eurozone crisis

The grey economy: Europe's €1.5 trillion-a-year black hole

How austerity could backfire. 

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Austerity Grinch steals Europe’s Xmas

More good news for austerity.

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Eurozone debt hits 90% of its economy 

In spite of years of harsh spending cuts and tax increases, Europe's debt problems are getting worse.

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Europe won’t begin to emerge from debt crisis for at least another 18 months 

Says Goldman Sachs chief European economist Huw Pill. 

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