Greece submerges in recession

A true vicious circle- Greece submerges in recession

Greece experiences pressure from all sides. The checkers of European Union and IMF want to appear again in the coming week in Athens, in order to force the government Papandreou to further budget consolidation. At the same time the Greek recession is worse than expected. Besides the demanded deficit goal is not to be accomplished.

Meanwhile one disaster report follows another one regarding the Greek economical situation. The economic stall is still worse than feared in the euro-country threatened by state default. As the Greek office for statistics communicated, the economic performance in the second quarter on annual view shrank by 7,3%. Actually the statisticians had predicted a decrease of 6,9%. For the first quarter the office revised the numbers besides still further downward - thus the minus amounted to a total of 8.1% from January to March.