Comment Re:Betteridge is actually wrong this time (Score 3, Interesting) 159
A recession is defined as two consecutive quarters of negative growth. Thus, the recession is technically over.
This definition is fundamentally flawed. Under this, it is technically possible for an economy to decline indefinitely which never actually entering a recession. GDP change from quarter to quarter could progress like so
-2.0%, +0.1%, -2.0%, +0.1%, -2.0%, +0.1%, -2.0%, +0.1%,
Which works out at a -3.7% decline every year, but still technically no recession. This is what we refer to in the mathematical business as "absurd".
Unfortunately, this appears to be exactly how the political class across the Eurozone appears to doing. The continent is slowly imploding, but event one 0.1% quarter of growth is taken as proof that "The recession is over". The way the modern world is going, I'm really beginning to understand exactly how the Soviet Union operated on a political level.