Europe is in its deepest recession since World War II, so reports the UK's Telegraph ."German economic policy is ‘bankrupt,' economists have said.  The declaration was made as it emerged that Europe's biggest economy has now suffered a worse ‘lost decade' than Japan and is deeper in recession than any other major economy.  On a day of dismal news for the European economy, official figures also showed that Italy, Austria, Spain and the Netherlands are facing their biggest combined slump in post-war history."Eurostat provides the raw data.  Here are real GDP growth numbers for some selected countries and averages for the latest quarter (1st quarter of 2009, or January through...(Read Full Post)