Fitch expects recession to continue until 2013

The debt crisis of the euro zone will continue until 2013, Fitch said after the summit of EU leaders last week, ITAR TASS reports.

The summit demonstrated that few measures were taken to fight the recession. No complex solutions to the problem are expected. Such approach may result in economic and financial repercussions, analysts say.

The agency expects the GDP growth to drop to 0.4% in 2012, to 1.3% in 2013.

Fitch called the summit on additional financing of the IMF with $200 billion a positive step.

Analysts say that the European Central Bank is almost the only instrument for fighting the crisis in Europe due to its ability to buy debt obligations of problem states.

The European debt crisis started in 2009 with Greece, Ireland, Italy, Spain and Portugal, members of the euro zone, suffering from a growing deficit of budget and repercussions of the global financial-economic recession.