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Greece's economy shrinks by 7.2 per cent, as recession worsens
Published in Saudi Press Agency on 14 - 11 - 2012

AlHijjah 29, 1433, Nov 14, 2012, SPA -- Greece remains in a deep recession as new figures
Wednesday showed the economy shrank by 7.2 per cent of gross domestic
product in the third quarter, according the Hellenic Statistical
Authority (ELSTAT), quoted by dpa.
The 7.2 per cent shrinkage was measured against the third quarter
of 2011.
The figure represents the deepest contraction so far this year, as
the economy shrank by 6.7 per cent in the first quarter and 6.3 per
cent in the second.
Greece is entering its sixth year of recession as it continues to
pass harsh austerity measures in exchange for bailout loans demanded
by its international lenders, the European Commission, the European
Central Bank and the International Monetary Fund (IMF).
In a speech in Athens on Wednesday, Charles Dallara, managing
director of the Institute of International Finance, said Athens
should be given more lenient targets to reduce its budget deficit so
that its economy can return to growth more quickly.
He said the Greek government had proven "willingness to bear
short-term pain for long-term gain" in passing a new package of
austerity measures worth 13.5 billion euros (17.1 billion dollars).
Dallara was one of the main negotiators in a private sector
writedown which helped reduce the country's debt mountain by 100
billion euros earlier this year.
Eurozone finance ministers on Monday granted Athens an additional
two years to restore its finances, but postponed their decision on
the country's next 31.5-billion-euro (40-billion-dollar) aid tranche.
Greece will now have until 2016 to cut its budget deficit to
within 3 per cent of gross domestic product, among other fiscal
measures.
Most eurozone members had ruled out more debt restructuring for
Greece, said German Finance Minster Wolfgang Schaeuble, suggesting
alternative solutions.
The delay in Greece's bailout tranche forced Athens to borrow from
the markets Tuesday by issuing short-term treasury bills to avoid
bankruptcy.


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