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Greek Economy Shrinking Rapidly

Wall Street Journal – 6 hours ago

ATHENS—Greece was plunging deeper into recession at the close of last year, showing the devastation of the country’s economy even before new austerity plans are implemented in the months ahead.

Greece’s gross domestic product contracted by an annual rate of 7% when adjusted for inflation, according to preliminary data reported by the Greek government statistics office Tuesday. The dire number was far worse than forecasts of a decline of up to 5%, and showed an accelerating contraction from the 5% year-to-year fall clocked in third quarter.

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