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April 23, 2012

Reuters: Greek economy shrinking 5%

This from Reuters:

"Greece's economy will contract a deeper than expected 5 percent this year, the country's central bank chief said on Tuesday, piling more pressure on to a citizenry already battered by crippling austerity and record joblessness.

The projection topped a previous forecast the central bank made in March, when it projected the 215 billion euro economy would contract 4.5 percent after a 6.9 percent slump in 2011. Twice bailed-out Greece is in its fifth consecutive year of recession.."

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