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Portugal's recession deepens in Q4, outlook grim
Portugal's recession deepened in the fourth quarter of 2011, data showed on Tuesday, and the economy is set to slump further this year as the country, seen as the weakest euro zone link after Greece, implements more austerity under an EU/IMF bailout. Moody's Investor Service cut Portugal's credit rating further into junk territory late on Monday, citing a weak economic outlook across Europe, which could cause "a deeper and longer economic contraction in Portugal than previously anticipated". Portuguese gross domestic product shrank 1.3 percent in the final quarter of 2011, more than double the previous quarter's ... (full story)
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