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Fiscal Compact Will Lead to More Recession: Economist

Tuesday, 31 Jan 2012 | 4:00 AM ET

David Owen, chief european economist at Jefferies International, told CNBC, "I think the big picture for the euro zone is that from macro perspective it is now back in a recession and the IMF was warning that particularly Italy and Spain could be in a fairly deep recession in the first half of this year."