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Greek economy stuck in deep recession

 Workers clear the damaged entrance of the 1870 building which had housed one of the capital's most loved cinemas, the Attikon, open since 1916, in At...
 A worker cleans the sign of the Bank of Greece from red and black paint, after Sunday's riots, in Athens, on Tuesday, Feb. 14, 2012. Firefighters dou...
 A worker cleans the sign of the Bank of Greece from red and black paint, after Sunday's riots, in Athens, on Tuesday, Feb. 14, 2012. Firefighters dou...
 A worker holds helmets at the damaged entrance of the 1870 building which had housed one of the capital's most loved cinemas, the Attikon, open since...

Greece Financial Crisis

Workers clear the damaged entrance of the 1870 building which had housed one of the capital's most loved cinemas, the Attikon, open since 1916, in At...

APTOPIX Greece Financial Crisis

A worker cleans the sign of the Bank of Greece from red and black paint, after Sunday's riots, in Athens, on Tuesday, Feb. 14, 2012. Firefighters dou...

Greece Financial Crisis

A worker cleans the sign of the Bank of Greece from red and black paint, after Sunday's riots, in Athens, on Tuesday, Feb. 14, 2012. Firefighters dou...

Greece Financial Crisis

A worker holds helmets at the damaged entrance of the 1870 building which had housed one of the capital's most loved cinemas, the Attikon, open since...

The Greek economy remained stuck in a deep recession in the fourth quarter, according to official figures released Tuesday that confirm the painful effects of austerity reforms intended to lower debt.
Gross domestic product decreased by 7 percent on the year in the fourth quarter of 2011, in non-seasonally adjusted terms, the Greek Statistical Authority said.
The struggling eurozone country has been shut out of long-term debt markets since 2010, and is surviving on rescue loans from European Union countries and the International Monetary Fund. But harsh austerity measures demanded in return for the emergency loans have hammered the economy.
Greece's economy has been in decline since late 2008, with successive quarterly contractions since then, with the exception of the first quarter of 2010.
On Tuesday, the Public Debt Management Agency said it had raised (EURO)1.3 billion ($1.7 billion) in an auction of 13-week treasury bills at a rate of 4.61 percent _ down from the 6.64 percent rate from the previous sale of three-month debt on Jan. 17.


Updated : 2021-10-20 05:47 GMT+08:00