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Greek PM sees country in “Great Depression”

Posted By admin On July 22, 2012 @ 6:26 am In Money Watch | Comments Disabled

Reuters [1]
July 22, 2012

Greece is in a “Great Depression” similar to the American one in the 1930s, the country’s Prime Minister Antonis Samaras told former U.S. President Bill Clinton on Sunday.

Samaras’s comments come two days before a team of Greece’s international lenders arrive in Athens to push for further austerity measures if the debt-laden country wants to qualify for further rescue payments and avoid a chaotic default.

Athens wants to soften the terms of a 130-billion euro bailout agreed last March with the European Union and the International Monetary Fund, to soften their impact on an economy going through its worst post-war recession.

Greek GDP is expected by the end of this to have shrunk by about a fifth in five consecutive years of recession since 2008, hammered by tax hikes, spending cuts and wage reductions required by two EU/IMF bailouts. Unemployment climbed to a record 22.6 percent in the first quarter.

Full article here [1]


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[1] Reuters: http://www.reuters.com/article/2012/07/22/us-greece-clinton-depression-idUSBRE86L07L20120722

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