Switzerland goes into recession

The country's banking sector has been reporting major losses

Switzerland has entered recession after official figures showed that the country's economy shrank by 0.8% in the first three months of 2009.

The decline came after a contraction of 0.3% in the last quarter of 2008.

Switzerland's economic woes have been led by its major banks which, like lenders around the world, have reported significant losses linked to bad debts.

A country is generally considered to be in recession following two successive quarters of economic decline.

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