The economy of the 19-country eurozone shrank by a devastating 12.1% percent during the second quarter from the quarter before as coronavirus lockdowns froze business and consumer activity. It was the largest drop on record. Spain, which suffered a severe virus outbreak that devastated its tourism industry, was the hardest hit with a 18.5% drop. Italy and Portugal also suffered steep declines, but no country escaped the impact of the pandemic. For the currency union as a whole it was the biggest decline since the records started in 1995. For the broader 27-country European Union, not all of whose members use the euro, output sagged 11.9%. The decline in Europe compares with a 9.5% quarter on quarter drop in the United States. European governments are countering the recession with massive stimulus measures. EU leaders have agreed on a 750 billion-euro recovery fund backed by common borrowing […]