Greece’s economy shrank in the first three months of 2012, the 13th contraction in the past 14 quarters as policy makers struggled to stay in the euro.
Gross domestic product dropped 6.2 percent from a year earlier in the first quarter after contracting 7.5 percent in the fourth quarter of 2011, the Athens-based Hellenic Statistical Authority said in an e-mailed statement on Tuesday. The figure is based on non-seasonally adjusted data. The agency didn’t provide a seasonally adjusted figure.
The European Commission forecasts Greece’s economy will contract 4.7 percent this year, its fifth year of a recession compounded by spending cuts and tax increases demanded as a condition for a rescue.
Greece has been in a political impasse since inconclusive May 6 elections left party leaders unable to form a government. The deadlock has raised the possibility of another vote to be held as early as next month, and also raised doubts that Greece can avoid an exit from the euro area. [Bloomberg]
Greece has asked its European Union peers to support its efforts to stem the tide of irregular immigration
Speaking at the European Parliament in Brussels on Wednesday, Public Order Minister...
The Former Yugoslav Republic of Macedonia (FYROM) will not be given a date to start membership negotiations with the European Union in June, the MIA press agency in Skopje has reported.
An o...
New PAOK coach Huub Stevens has called for unity among fans after taking charge of the Greek club whose players said they feared for their lives last season because of regular protests.
Gree...
Greek canoeing champion Andreas Kiligkardis died on Wednesday after losing his battle against leukemia.
The 37-year-old had been in a coma since last Tuesday at a hospital in Poland - where ...
New Democracy’s chief, Prime Minister Antonis Samaras, risked the ultimate reformist move by shutting down state broadcaster ERT in order to assert his role as leader over his two smaller pa...
The great majority of Greeks welcomed the news late on Wednesday of a nascent deal between the three partners in the government coalition regarding the fate of the country’s public broadcast...
