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Greece’s Quarterly GDP Growth

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Editor’s Remarks:
New figures show that the Greek economy unexpectedly contracted in the fourth quarter of last year. Coming in at 0.8% lower than Bloomberg forecasts, the hard turn from +0.9% the previous quarter to -0.4% in the last three months of 2016 puts hot coals under Alexis Tsipras’ government as it tries to reach a deal with international lenders on fiscal reforms. The Greek Central Bank’s governor recently warned that the country risks another recession and deeper austerity if it fails to strike a deal with European creditors which would allow it to access further bailout refunds on certain conditions. Economists at Eurobank Ergasias in Athens went so far as to suggest the downturn could be largely put down to consumers deciding to be more cautious as doubts started to emerge on how quickly the bailout review would close, underlining the acute vulnerability of the Greek economy to its debt situation.

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