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Recessions deepen in 17 European Union countries

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    Greg Palkot reports from London

  • Duration 1:59
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Serious new concerns over the global economy seventeen countries in Europe have fallen deeper.

Into their own recession with the worst economic performance now in four years.

Great -- cup live -- London what is the story where you live Greg how bad is it.

-- bill.

Hey bill with Europe are our biggest trading partner to win and they have problems we have problems that take a look at the number.

Overall in the Euro -- the last quarter 2012 compared to the quarter prior to that.

-- growth was down point 6% specifically.

-- the country's hard hit by the debt crisis Italy and Spain.

Respectively they were down point nine -- point 7%.

In the last quarter France slogging along down point 3%.

Same with the UK perhaps most importantly Germany down point 6% Germany consider that the powerhouse economy of Europe.

They depend on exports to grow and win their export markets like Europe and like the United States are slowing down.

They separate to needless to say bill -- stock markets across Europe.

Down today as well.

You know great woman look at what's happening there and we think about the impact on our own economy here -- -- home.

What what are the prospects for the future there what do they say.

Not the greatest bill this is considered a double dip recession it is horror to get out of especially for the countries down here in the southern part of the continent again they're applying austerity they're putting extra taxes on -- seen protests.

That's a double whammy -- -- doubly hard for them to get out of it there is some hope that again Germany might drive.

This economy out of the doldrums and there is a longer range.

That that US EU free trade agreement was mentioned by President Obama -- Tuesday -- State of the Union Address might help the job -- on both -- the Atlanta remember 650.

Billion dollars a year in trade on both sides of the Atlantic a two way trade you trade deals again though that's couple years down the -- national Garrett Greg thanks hang in there has been a long -- -- -- there at a London.

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