Greek Economy Contracts Again in First Quarter as Athens Searches for Debt Relief

From economiccalendar.com

With bailout progress stalling, Greece’s economy contracted again in the first quarter, a sign the Hellenic Republic’s road to recovery may be longer than previously envisioned. The Greek economy contracted 0.4% in the first quarter compared with the final three months of 2015, a preliminary estimate from ELSTAT showed on Friday. The preliminary estimate was roughly in line with the consensus forecast. It was also Greece’s worst quarter since last summer’s debt crisis, which pushed Athens to the brink of a Eurozone exit. Compared to year-ago levels, Greece’s economy shrank 1.3%, faster than the 0.8% decline ... (full story)