Countries in the eurozone had negative GDP growth in the last quarter of 2011. Two consecutive declines in GDP signals an official recession. Out of the 17-nation eurozone bloc, Germany increased its GDP the most, 0.5 percent, which economists say saved the entire eurozone from falling into an official recession. 

According to Reuters, the split between Germany and southern European countries, such as Italy and Greece, has continued to widen. Austerity measures in struggling European countries have limited growth, according to Reuters, but austerity is necessary for debt-ridden countries to get their governments back in the black.

The Dow Jones industrial average fell to the lowest level since January on Monday, after continued worries that Greece would leave the euro behind. Today, the Greeks announced they would go back to the polls next month to try to elect a majority party, after nine days of talks between parties have failed. 

German Finance Minister Wolfgang Schaeuble told Bloomberg that the new elections will likely be a kind of referendum on whether the country stays with the euro, depending upon if the Greek electorate chooses a pro-austerity party. The German government has said Greece must pass austerity measures.

“If Greece — and this is the will of the great majority – – wants to stay in the euro, then they have to accept the conditions,” Schaeuble said.