Euro zone falls into second recession since 2009 | Reuters

The debt crisis dragged the euro zone into its second recession since 2009 in the third quarter despite modest growth in Germany and France, data showed on Thursday.
As I understand it, when debt becomes so high that interest rates go up it puts a drag on a country's whole economy. The need to cut government spending to keep deficits down has taken all the air out of the private economy as well since so much of that is tied to the government in these countries.

It brings me to wonder how much of the American economy is tied to government spending. I would think that's it's lower than it is in most European states since government spending is in the US is less than it is in those states compared to GDP. 46% in Greece, 42% in Germany, 42% in Ireland, 45% in the Netherlands, 52% in Sweden, etc., compared to 38% of GDP in the US. Switzerland is a notable exception at 32% of GDP.