Greek Economy contracts 7% in fourth quarter

Athens News – The country’s economic slump is headed towards a record annual plunge close to 7 percent in 2011, the fourth consecutive year of a deepening recession. After an official confirmation by the Hellenic Statistical Authority (Elstat) on Tuesday that GDP dropped 7 percent year-on-year in the fourth quarter of 2011, the economy has shrunk by an average of 6.8 percent. Read Article

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