greek economy has contracted much less than rest of europe
News Posted On: 18 November 2009
The Greek economy is in the best shape out of all the EU states according to the 3rd quarter GDP results revealed at the end of last week.
Greece's gross domestic product in the third quarter of this year was just 1.6% lower than the same quarter last year. This follows on from it being 1.2% lower in the second quarter, and 0.5% lower in the first quarter. In the final quarter of last year it was 0.7% higher than in the final quarter of the year before.
Greece is currently under a new (center-left) government, which was elected following the parliamentary elections on October 4. The elections were held early at the request of the former Greek Prime Minister, because he had lost most of the majority to scandal. Greek's were also unhappy at how the economic crisis had been handled.
In response to this, the party currently in charge, the Panhellenic Socialist Movement campaigned with the pledge of a 3 billion Euros stimulus package. Given the fact that Greece's GDP has contracted by such a tiny margin compared to the rest of Europe, many have argued that the stimulus is unnecessary, and a future headache they didn't need.
None the less the money is being poured into the economy, as Prime Minister George Papandreou sticks to his pledge (if only UK politicians did that more often). The injection of cash can only be good for Greece in the short-term, but leaves them with the same headache faced by the rest of the world; how to turn the money tap off without derailing the ensuing growth.
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Written by Les Calvert
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