Greece fails to stop the collapse of its economy. In the fourth quarter 2011 GDP has plunged by as much as 7% in comparison with the same period of 2010. This was revealed by the Greek statistical agency based on the preliminary estimate. The extent of the contraction worsened again compared to the -5% per annum recorded in the second quarter.
In the first three months of the year, the Greek GDP showed -8%, while in the second quarter -7,3%, again on an annual basis.
The country has just ratified at the parliamentary level harsh new austerity measures, with which he hopes to obtain the green light for the new 130 billion aid package from tomorrow's Eurogroup. But austerity will only further worsen the recession prospects for this year as well.
