Recession 'taking hold' in Eurozone, OECD says

PARIS (AP) -- Europe's debt crisis is pushing the 17-country eurozone toward recession and dragging down the global economy, the Organization for Economic Cooperation and Development said Thursday.

Even growth in traditional economic powerhouse Germany is slowing, and the OECD's interim assessment said that Europe's largest economy could slip into recession by the end of the year.

"The negative elements of the global economy ... stemming mostly from Europe are there and they are somewhat stronger than they used to be a few months ago," OECD Chief economist Pier Carlo Padoan told reporters.

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