Greek First Quarter Economic Drop Worse Than Thought

ATHENS, Greece (AP) -- Official figures show that Greece's economy shrank by 5.6 percent in the first quarter of the year, slightly worse than initially estimated last month.

The Greek Statistical Authority reported the revised figure Friday, following its May 15 estimate of a 5.3 percent contraction.

The figures helped fuel debate over whether austerity measures are working following admission this week by the International Monetary Fund that it made mistakes in designing the country's bailout.

The conservative-led coalition government has promised a return to growth and international bond markets next year, arguing that the harsh austerity measures agreed in exchange for the bailout loans are finally working.

But the left-wing opposition on Friday demanded a debate in parliament on the future of the country's austerity measures in light of the IMF's report.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2477727, ~/Articles/ArticleHandler.aspx, 10/24/2014 4:32:56 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement