The economies of many European nations are contracting, sending them back into a recession they just came out of last year. Greece, Portugal, and Spain are now all officially in a recession, and France, the Netherlands, and England aren't far behind. It is a bitter pill for Great Britain: Britain's economy has fallen into its second recession since the financial crisis after an shock contraction at the start of 2012, heaping pressure on Prime Minister David Cameron's government as it reels from a series of political missteps. Britain's Conservative-Liberal Democrat coalition has seen its support crumble after weeks of criticism over unpopular tax measures in last month's budget, and is under further pressure from revelations about its close links with media tycoon Rupert Murdoch. With local elections taking place on May 3, there could hardly be worse timing for Wednesday's news from the Office for National Statistics that Britain's gross domestic product fell 0.2 percent...(Read Full Post)