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Greek economy tips back into recession

In a nightmare scenario for the Greek authorities it has been revealed that the economy contracted by 0.8% in the final quarter of 2009 and economic performance for the prior three quarters has been revised downwards. This is a bitter blow for the Greek government which is currently in negotiations with the European Union and the International Monetary Fund regarding assistance and financial support.

Many who follow the Greek economy had warned that the authorities were losing control of finances and indeed the increase in the slowdown from 0.5% in the third quarter of 2009 to 0.8% in the fourth quarter is alarming. The economy is effectively coming to a shuddering halt and initial across-the-board support from the EU appears to be evaporating with the German government in particular unwilling to commit lock stock and barrel to a comprehensive rescue package.

In all honesty, the performance of the Greek economy will pale into insignificance if this economic weakness transfers to the likes of Spain, Portugal and other EU members. Aside from the fact that these three countries are under pressure at the moment the German economy registered zero growth in the final quarter of 2009 which has set more alarm bells ringing.

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