Greek Economy Contracts 1.8%

The Greek economy contracted by 1.8 percent in the second quarter as the beleaguered country deals with a crippling debt load. The pullback was greater than expected nearly doubling the 0.8 percent contraction during the previous quarter.

“Economic growth is likely to remain firmly in negative territory in the second half, given tight domestic credit conditions and the government’s austerity programme”, noted Platon Monokroussos, an economist at EFG Eurobankgiven.

Source: BBC News

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