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Sunday, 4 September 2011

Greece sinks further into the mire

Posted by news

Greece’s hapless Finance Minister Venizelos confirmed earlier what was already widely expected, namely that the depth of the recession in his country this year will be much worse than expected (down an extraordinary 5%). As a result, Greece’s fiscal deficit will probably widen this year, to around 9% of GDP, well above the target of 7.6%. Upon learning that the Greek situation was much worse, Les Echos reported that a meeting between Greek officials and the ECB/IMF/EC had been postponed. Greece’s Finance Minister stated that progress on implementing structural reforms needed to take place more quickly. Unfortunately for Greece, this news comes at a terrible time, as a number of Eurozone countries are becoming increasingly uncomfortable with endorsing the second bailout package. In Finland, a poll undertaken by a major business magazine found that 49% rejected their country’s participation in the next Greek bailout, while only 34% were in support.

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