GRIM WARNING: The 17-country eurozone risks falling into a "severe recession," the Organization for Economic Cooperation and Development warned as it called on governments and Europe's central bank to keep the slowdown from dragging down the global economy.
THE FORECAST: OECD Chief Economist Pier Carlo Padoan warned the eurozone economy could contract by as much as 2 percent this year, a figure that the Paris-based organization had laid out as its worst-case scenario in November.
THE MEDICINE: Padoan called on eurozone leaders to adopt a "growth compact" to promote growth even while reducing deficits. New French President Francois Hollande has made securing such a pact the focus of his European diplomacy.
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