It is interesting to see which geographies had the largest negative impact on margins in the two quarters.

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Some European countries have enjoyed healthy growth in recent years, but Germany, the biggest economy in the euro area (and the world's third largest) had two quarters of negative growth in the second half of last year, according to figures released on February 27th: as a rule of thumb, that is how economists judge whether a country is in recession.

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There was the first drop to a negative reading by the Leading Economic Indicators in nine months, the largest decline in durable goods orders since last August, big plunges in new home starts and permits for future starts.

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Political instability or uncertainty in the euro-zone's third-largest economy will have negative systemic consequences for everyone else.

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Joerg Kraemer, chief economist at Commerzbank -- Germany's second-largest bank -- would expect the ECB to cut the deposit rate to negative territory before putting in place any other non-standard measures such as a loan scheme for small businesses.

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"Furthermore, it seems likely that the promotion of change therapies reinforces stereotypes and contributes to a negative climate for lesbian, gay, and bisexual persons, " says the APA, the largest scientific and professional organization representing psychology in the United States.

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