Greece sees 6.2 percent of contraction
ATHENS - The Associated Press
People pass by a closed for the day branch of Attica Bank in central Athens.The Greek statistical authority said the country’s deep recession has eased slightly, although the economy still contracted 6.2 percent in the second quarter from the same period last year.
In the first quarter, the contraction was 6.5 percent.
Debt-crippled Greece has been in recession for five years, and the cumulative shrinkage is expected to reach 20 percent at the end of this year. The government has said the recession could exceed seven percent in 2012.
Greece is being kept solvent by international bailout loans, granted in return for a harsh austerity program.