The International Institute of Finances issued predictions on economics for 2012. Europe conjuncture looks dire as recession in Euro Zone is expected to expand in 2012.

Paris / NationalTurk – The International Institute of Finances (IIF), an institution gathering the main banks of the world, predicted an open recession in the Euro Zone in 2012, its released report indicates.

The IIF foresees the Europe economy in the 17-member group will contract by 1 % after having grown 1.5 % in 2011.

Euro Zone Crisis : Despite 1.5% incraese in 2011 1% contraction expected in 2012

The IIF prediction is much more pessimistic than the one made by the Organization for Cooperation and Economic Development (OCED), the European Central Bank and the European Commission.

The Euro Zone went through strong turbulence in 2011, due to the Euro debt crisis affecting especially Greece, Ireland, Portugal and Italy.

The Euro debt crisis threatened to spread to other countries and put the existence of the Euro in a great danger.

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