"The recession will not be mild in Italy (the third largest Eurozone country), Spain, Portugal, or Greece. In that group all but Italy face sure depression and Italy is likely headed there. For further discussion, please see Money Supply Figures Suggests Italy Headed Into Depression; Non-Performing Spanish Loans Hit 134 Billion Euros, 7.51% of All Loans, Highest in 17 Years; Eurozone Unemployment Charts."

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