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Euro zone looks for positive growth but Greece isn’t so lucky
The euro zone this week may report positive growth for the first time since late 2011, but some of its member states will not share in the good news if it does. One is Greece, whose economy remains in the tank in spite of falling labour costs and booming tourism. On Monday, the Hellenic Statistical Authority reported that gross domestic product shrank 4.6 per cent in the second quarter, year on year. The data confirmed that Greece had recorded its 20th consecutive month of contraction, shrinking its economy by more than 20 per cent since the financial crisis began in 2008. The good news, such as it is, is that the ... (full story)
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