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S&P: 40% chance of double-dip European recession

S&P: 40% chance of double-dip European recession (by William L. Watts)

FRANKFURT (MarketWatch) -- Europe faces a rising risk of a double-dip recession amid deteriorating business sentiment in European markets and an expected slowdown in U.S. economic growth, Standard & Poor's Ratings Services warned Tuesday. "We now estimate the probability of a new recession in western Europe next year at about 40%, although in our baseline forecast we continue to anticipate sluggish and unevenly distributed growth in the coming five quarters," said Jean-Michel Six, Standard & Poor's chief European economist. S&P lowered its 2012 forecast for euro-zone growth to 1.1% from a previous forecast of 1.5%. British growth is now forecast at 1.7%, slightly below the previous estimate of 1.8%. Also Tuesday, Goldman Sachs said it expects the euro zone to sink into a "mild" recession.