Things are not at all favoring Europe as it seems that another bad news is coming from the updated European Commission economic forecasts, according to which, the country could face another year of weak economic conditions, giving rise to several severe problems in the nation like higher unemployment, slow progress on budget matters and the sovereign debt crisis etc.

Not only the problem ends with this, but it has become majorly vital for the Greek parliament to immediately introduce the austerity measures too that it requires to qualify for the next tranche of _31.5 billion bailout funds because if in case, failure is the result, November 16 will get another bad news for the country with Greece running out of money to repay and refinance the bond.

In context to this, the EU's updated outlook has also mentioned about the significant downgrades to the economic growth outlook along with highlighting about several to-be-capped fiscal and sovereign debt problems.

It noted, the "difficult process of rebalancing will last for some time", followed by the below lines:

-2013 will see the EC scaling back the GDP growth forecast for the eurozone from 1.0% to 0.1%.

-The growth outlook could see the unemployment rate in the eurozone rising from 11.6% to a record high of 12%.