Eurozone is on verge of recession

The Eurozone is on the brink of recession, the European Commission announced on Monday. A Commission statement warned: "In 2009, the EU economy is expected to grind to a standstill". The Commission also forecast further falls of 0.1 percent in the third and fourth quarters of this year, and overall growth of just 0.1 percent next year and 0.9 percent in 2010, reports BBC.