Greece slides back into recession

https://www.rt.com/business/388564-greece-economy-recession-bailout/

Official figures from Eurostat show Greece re-entered recession in the first quarter of 2017 as the country is struggling to secure bailout money from its international creditors.

According to the figures, Greece’s gross domestic product (GDP) fell by 0.1 percent in the first three months of the year after shrinking by 1.2 percent in the final quarter of 2016. The return to recession is technically defined as two consecutive quarters of contraction.

Greece’s third-quarter growth last year was the country’s strongest performance since early 2008 when the economy started to contract and had a brief respite in 2014.

Chief European economist at Capital Economics, Jennifer McKeown said Greece’s return to recession highlighted “the damage done by stalled bailout negotiations and suggests the Government’s newly-updated economic forecasts are far too optimistic.”

“This will make a deal to allow Greece to meet its debt repayments this summer more difficult to reach,” she said as cited by The Telegraph.

The figures come ahead of a four-day debate in the Greek parliament on a new package of austerity measures, including pension cuts needed to unlock the next tranche of Greece’s €86 billion bailout.

———-

*sigh

“Greece re-entered recession in the first quarter of 2017 as the country is struggling to secure bailout money from its international creditors.”

“international creditors”..

more austerity is certain..

401

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~ by seeker401 on May 18, 2017.

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