Euro Area Slips Into  Recession  Second Time in Four Years Bloomberg By Marcus Bensasson - 2012-11-15T12:03:08Z. The euro-area economy succumbed to a  recession for the second time in four years as governments imposed tougher budget cuts and leaders struggled to contain the debt crisis that broke out in October 2009. See all stories on this topic » France avoids  recession ; GDP up 0.2 pct in Q3 Businessweek PARIS (AP) — France narrowly avoided falling into  recession  in the third quarter, official figures showed Thursday, but analysts warn the rebound may be short-lived. The French economy, Europe's second-largest, hasn't recorded growth since the third  ... See all stories on this topic » CEE sinks deeper into  recession , outlook poor Reuters PRAGUE (Reuters) - Much of central and eastern Europe fell deeper into  recession  in the third quarter, hit by austerity programmes and by slowing demand for exports, with a broad economic upturn still a distant prospect. A widesp