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GREECE HAS DIVED back into recession for the first time in over a year.
The country’s economy shrank a smaller-than-expected 0.2% for the first three months of 2015, putting it into a technical recession after a 0.4% drop in GDP for the last quarter of 2014.
It was the first time since the end of 2013 that the country had recorded six straight months in financial malaise, although analysts had predicted an even bigger drop in the latest figures.
Greece successfully completed another debt repayment to the IMF worth €750 million yesterday as the anti-austerity Syriza government, which came to power in late January, tries to bang out a deal to unlock another €7.2 billion in bailout money.
Those talks with its EU and IMF lenders have centred around what concessions the left-wing government will swallow after vowing to unpick privatisation plans and deep cuts to public services during its election campaign.
It raised another €1.14 billion in short-term bonds today as larger debt repayments continue to loom.
Down the road
Another €1.5 billion is due to the IMF next month followed by a massive €6 billion tranche for the ECB in July and August.
It also faces the cash crunch of €1.5 billion in government salaries and pensions owed at the end of the month. This chart shows when the pressure will fall over the next six weeks:
Finance Minister Yanis Varoufakis recently warned the country could run out of money within two weeks if no deal was struck.
Greece took a €240 billion bailout but has been struggling under the weight of its massive debt repayments as the national unemployment rate hovers about 25%.
Elsewhere across the eurozone, the latest Eurostat figures showed region-wide GDP grew 0.4% in the most-recent quarter – beating the buoyant economies of both the US and the UK.
- With AFP
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Won’t be the first time he’s been completely isolated with Wilson.
@T Colton: besr comment ive seen this year. Take a bow son.
@T Colton: you sir have won the internet!
@T Colton: Knowing Tom, after he tested positive, he probably got the rest of the cast away…
@T Colton: bring back comment of the week.
You, sir, nailed it
@T Colton: absolute peach. Would be up there for comment of the year
@T Colton: Well done Sir
@T Colton: you are on the ball there.
If they were at home in the US they wouldn’t have been tested and therefore wouldn’t have the virus #Trumplogic
@The Guru: Shut up you absolute moron!
@Pád: not very nice there lad. Can you be sounder?
@The Guru: they’ve confirmed over 13000 cases. Can you quantify your comment?
@thomas patrick: You’ve an extra Zero there. 1,300 cases. They have only tested 1,700. Less than Ireland. With about 65 times the population.
@thomas patrick: The USA only has 1300 confirmed cases, not 13000.
@Pád: Have a great day!
@Bilbo Baggins: So they tested 1700 people and detected 1300 cases????
@David Walters: Varying reports but most put they’re test count below 2k in the last week. But yeh they’re basically only testing in certain places with advanced symptoms so far.
@Bilbo Baggins: slip of the oul thumb there. Thanks
Life is like a box of chocolates, ya never know what ya gonna get.
@Damien: The one I thought of was Philadelphia.
Sad to see Tom all shook up. Hope it’s a speedy recovery
NBA season has been canceled after a player has tested positive. Maybe now people might start taking it seriously. Maybe.
@Adam Sheridan: Not a chance. Virus bashing is the new cool. “Calm down people, it only kills you if you believe it’s real”.
Wonder what the test criteria is in Australia. Just showing symptoms described wouldn’t warrant a test here. There is probably hundreds walking around with it unbeknownst to themselves.
I’m sorry Wilson!!!!!
This man has survived a plane crash, being stranded on a deserted island, pirates, being stuck in an airport terminal for months, pirates and being in space. Coronavirus ain’t sh*t on him
All the best and I wish you both a speedy recovery
@Marianne: thanks
You’ve got a friend in…… Hell no
Holy shit if famous rich people can get this we have a teal problem!!!!! Now its tome to panic
@Opinionated: me thinks you have a real problem! When you can’t even spell.
“we’ll keep the world posted” thanks Tom, I’m sure the whole of the world are waiting with bated breath.
Meanwhile Donald Trump has declared the Corona virus a terrorist organisation and blamed the Palestinians.
Hi boys
see the first post on my twitter
only 18+
have your say