Greece continues to slide away
from prosperity making revolution and rebellion seem inevitable. The
Capitalistic bailouts are not helping and the European Market just may be
beyond help. -សតិវ អតុ
ATHENS
|
Mon Aug 13, 2012
(Reuters) -
Greece's
economy shrank 6.2 percent on an annual basis in the second quarter, a slump
that is expected to persist as the government scrambles to nail down billions
in additional cuts to keep international bailout funds flowing.
Currently in its fifth consecutive year of economic depression,
Greece
is suffering record unemployment with nearly one in four Greeks without a job,
undermining efforts to meet revenue targets and reduce the budge
Athens is
keen to convince
euro zone partners and the International
Monetary Fund of its will to bring an economic adjustment plan back on track
before asking for modifications and more time to spread out the pain of more
cutbacks.
But the fiscal drag caused by the pursued austerity policies coupled with
liquidity constraints and lingering uncertainty is likely to keep recessionary
headwinds in full force.
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