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Greek Economy Downfall by 0.2%

ELSTAT, the national statistics agency of Greece, provided the results of the second consecutive quarter. According to the data, economic growth was back to recession by 0.2 percent.

The report added that the downturn coincided with the political uncertainty in the country. The economy of the country has contracted by 0.4 percent in the fourth quarter of 2014.

The bailout package for Greece was 240 billion euros; the dept of the country is 175 percent of its total output. The country is under the pressure of its international lenders to make reforms in the labor market, also in pensions and taxation policies in exchange for a new bailout loan. There is a danger that the country may run short of cash and soon end up defaulting.

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