Arab Today, arab today greek economy shrinks 7 in fourth quarter
Last Updated : GMT 22:16:10
Arab Today, arab today
Arab Today, arab today

Greek economy shrinks 7% in fourth quarter

Arab Today, arab today

Arab Today, arab today Greek economy shrinks 7% in fourth quarter

Athens - AFP

The Greek economy, in recession for a fifth year, shrank by 7.0 percent in the fourth quarter of 2011 compared with output a year earlier, official estimates showed on Tuesday. The data, coming just one day before a deadline laid down by the eurozone for Greece to meet a series of conditions for a second debt rescue, highlights the extent of distress in the economy. \"Available non-seasonally-adjusted data indicate that, in the fourth quarter of 2011, gross domestic product (GDP) ... decreased by 7.0 percent in comparison with the fourth quarter of 2010,\" the Greek statistics office said in a statement. The Greek economy was initially expected to shrink by 5.5 percent in 2011 and by 2.8 percent this year according to budget forecasts. But calculations for 2011 have been revised to a contraction of around six percent owing to the impact of wage cuts and tax increases, part of an EU-IMF economic adjustment programme enacted in return for bailout loans. The statistics office on Tuesday said it had also revised its GDP estimates for the first and second quarters of 2011, based on updated general government accounts. The contraction in the first quarter was reduced to 8.0 percent from 8.3 previously, and scaled back from 7.4 percent to 7.3 percent in the second quarter. Despite the poor showing, Greece was able to raise 1.3 billion euros ($1.72 billion) in a sale of three-month treasury bills with the return for investors dipping to 4.61 percent, the debt management agency (PDMA) said. \"Total bids reached 2.701 billion euros and the amount finally accepted was 1.3 billion,\" the debt management agency said as eurozone finance ministers prepared to examine a new Greek austerity pledge in return for a 130-billion-euro bailout package to avert default in March. The issue had an original target of 1.0 billion euros. Athens had offered a 4.64-percent interest rate to raise 1.625 billion euros in an equivalent sale on January 17.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greek economy shrinks 7 in fourth quarter Arab Today, arab today greek economy shrinks 7 in fourth quarter

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greek economy shrinks 7 in fourth quarter Arab Today, arab today greek economy shrinks 7 in fourth quarter

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday