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The recession of the Greek economy reached 4.6% in the second quarter of 2013

12 August 2013 / 15:08:45  GRReporter
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The recession of the Greek economy reached 4.6% in the second quarter of 2013 as shown by the data released by the Greek statistical service (ELSTAT) on Monday.

As is clear, the recession is slowing down, as Greece’s gross domestic product (GDP) decreased by 5.6% in the first quarter of this year.

It is noted that the GDP had declined by over 5.7% (up to 6.7%) throughout 2012.

In particular, based on the available data, ELSTAT reports that the GDP declined by 4.6% in the second quarter of 2013 compared to the same period in 2012.

The GDP in the first quarter of 2013 was revised based on the data of the state budget for the first quarter (by the end of June) and on more recent estimates of short-term indicators.

At the same time, a representative of the Ministry of Finance of Germany states that the Troika has comprehensively reviewed the progress of the Greek economy and has decided that Greece meets all criteria.

German Minister of Finance Wolfgang Schaeuble

"Therefore the Ministry of Finance sees no reason to discuss any change or adjustment of the bailout programme to Greece", says the expert, adding that Greece will implement the programme as was agreed. He recalls, however, that the finance ministers of the euro zone countries have already promised to further support Greece.

It seems that, with this statement, Berlin denies an internal document of the Central Bank of Germany published by the magazine Der Spiegel, according to which there is a need for extra lending to Greece "by 2014 at the latest". At the same time, it is believed that political criteria were dominant in the granting of the last tranche of economic aid to Athens. It also seems that Bundesbank is expressing its doubts regarding the implementation of the programme and the willingness of Greece to proceed with the implementation of the necessary reforms.

Tags: RecessionGreek economyBailoutMinistry of Finance
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