Eurozone pulling out of recession?

Bloomberg report that

The euro region’s economy barely contracted in the second quarter as Germany and France unexpectedly returned to growth, suggesting Europe’s worst recession since World War II is coming to an end.

“There is a more-than-decent chance that euro-zone economic activity has now hit a bottom and will expand again in the third quarter, as many other economies follow Germany and France out of recession,” said Martin van Vliet, senior economist at ING Bank in Amsterdam. “However, we fear that the recovery will be relatively slow and protracted.”

Full report here

If Eurozone economic decline has bottomed out, expect interest rates to rise next year deepening Ireland’s property bust.

Interest rate futures.