The head of the European Commission Jose Manuel Barroso has said he does not expect Europe to slide into recession.
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Speaking on a visit to Australia he said the latest forecast shows there will be modest growth.
His comments come after last weeks remarks by the ratings agency Standard and Poor’s which suggested the Eurozone could be in for a double dip recession after a slowdown in the second quarter.
In a bid to reassure nervous markets Mr Barroso said the European Union and the euro are "strong and resilient."
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