Il Greece's gross domestic product fell by 7,2% in the third quarter of 2012. This was announced by the Greek Institute of Statistics. “On the basis of the unrevised available data – reads the report -, GDP decreased by 7,2% in the third quarter”. The recession is therefore getting worse, considering that the decline in the second quarter was 6,3%. The country has been in a recession for 5 years now, with an overall drop in GDP estimated at around 22%.
According to Greek Finance Minister Yannis Stournaras, the risk of bankruptcy is "very high" if there is no agreement at the next Eurogroup on Tuesday on the release of the new tranche of aid.
Meanwhile, Greece has placed four billion of short-term government bonds among investors, getting close to covering the five billion of bonds that will mature on November 16. In a new auction, Greece could get to cover the entire amount due on Thursday.
