Eurovision News Events

GREECE ECONOMY
ATHENS, GREECE
17 FEBRUARY- 31 MARCH 2017

The negotiations between Greece and its creditors has restarted with the Athens government vowing it will not give in to demands for further cuts as data showed the country’s economy contracting. The Hellenic statistical authority announced that Greek GDP shrank by 0.4% in the last three months of 2016.

After growth of 0.9% in the previous three-month period the fall was steep and unforeseen. On Monday the European commission announced that the eurozone’s weakest member was on course to achieving a surplus on its budget of 2.3% after exceeding its 2016 fiscal targets .

The setback came as prime minister Alexis Tsipras’ lefist-led coalition said it would not consent to additional austerity beyond the cuts the country had already agreed to administer under its third, EU-led bailout programme.

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