Greek Crisis 'Will Get Worse'

Tangled in a second year of a recession, Greece's gross domestic product shrank 1.5% in the second quarter from the previous three months, triggering fears that the crisis is probably still deepening, reports Bloomberg.

 

“In general it’s probably not as bad as people were expecting a few months ago, partly because domestic demand hasn’t been that bad since the beginning of the year. It will get worse going forward,” Giada Giani, an economist at Citigroup Global Markets in London, told Bloomberg. Greece's economy is forecasted to shrink 4% for the whole year.

 

Citing a report, Bloomberg says unemployment rose to 12% in May from an April reading of 11.9%, the highest since the 12.1% rate of February.

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