PARIS (AP) — Europe’s debt crisis is pushing the 17-country eurozone toward recession and dragging down the global economy, the Organization for Economic Cooperation and Development said today.

Even growth in traditional economic powerhouse Germany is slowing, and the OECD’s interim assessment said that Europe’s largest economy could slip into recession by the end of the year.

Still, OECD Chief economist Pier Carlo Padoan said that he was “encouraged” by recent progress in Europe to get a handle on the crisis.

He noted that more needs to be done. He said he is waiting “anxiously” for details on the European Central Bank’s plan to buy up the bonds of governments struggling with high borrowing costs. The ECB is expected to outline a plan later in the day.

High borrowing rates are at the heart of the European crisis and have forced several countries to seek bailout loans. Now, larger economies, like Italy and Spain, are suffering high rates. Many experts worry that Europe can’t afford to rescue them but also can’t afford to let them fail.

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