A Greek Taverna Restaurant in Greece. Source: Big Stock Photo
June 10, 2010
Will Greece slide into economic depression?
David Charter and Robert Lindsay at UK Times Online chronicle the bad news from the Greek government statistical offices:
" The recession in Greece worsened again in the three months to the end of March, official figures showed today.
The country’s economy — currently on life-support after a $146 billion (£100 billion) bailout by the EU and IMF — contracted by 1 per cent compared with the previous quarter.
The decline in the €240 billion (£200 billion) Greek economy compared with the same period last year was recorded at 2.5 per cent, worse than the 2.3 per cent fall predicted by the Greek statistics office.
Industrial output in April showed a year-on-year decline of 5.1 per cent, separate figures from the office revealed.
...Nikos Magginas, an economist at National Bank of Greece, predicted that the fall in industrial output would probably continue “until the end of the year, burdened by doubts on the dynamics of economic recovery in the eurozone and southeaster
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