<p>U.S. Economist Stephen Guilfoyle spoke with IBTimes TV about the Eurozone Recession and Looming "fiscal cliff." The Eurozone slipped back into recession, the second since the financial crisis in 2009.</p><br /><p>The European Union’s statistics office announced Thursday that GDP in the 17-nation bloc slipped 0.1 percent in the third quarter after a 0.2 percent decline in the previous three months.</p><br /><p>Concerns over whether the Greek government can avoid a default and if Spain can ask for a formal bailout, as well as the U.S "fiscal cliff," has hit business and investor confidence. </p><br /><p>U.S. stocks fell more than 1 percent on Wednesday after President Obama reiterated his call for the wealthy to pay higher taxes. </p><br /><p>Both Republicans and Democrats want to keep low income tax rates for middle-income and low-income households, but Democrats say the wealthiest 2 percent should pay the higher tax rates that were in place during the 1990s. </p><br /><p>However, Speaker of the House John Boehner said last week that allowing taxes on the top 2 percent of earners to rise will end up destroying jobs.</p>
