Its banks were left in a mess (Blundell-Wignall and Slovik 2010), Greece faced a still haunting debt crisis and rumours of Eurozone break-up were taken seriously (Blejer and Levy-Yeyati 2010).
The key is to glean from the collective wisdom of reliable leading indicators a clear signal that the economy is headed for a turn.
Periods of recession are identified by a bar with a maximum value of “.01” and periods in which the economy was not in recession are denoted with a “0” value.
Values are based on a translation of business cycle begin and end dates as defined by the National Bureau of Economic Research’s Business Cycle Dating Committee.
April 2009 marked a clear trough in industrial production, following the peak in January 2008.
The Eurozone has been it hard and in many ways by the Global crisis.