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Greek economy returns to recession in first trimester of 2015: statistics authority

Xinhua, May 13, 2015 Adjust font size:

The Greek economy returned to a recession in the first trimester of 2015, Greece's national statistics authority ELSTAT announced on Wednesday amidst renewed uncertainty over the country's economic prospects.

According to ELSTAT's preliminary estimates, Greece's gross domestic product (GDP) grew by 0.3 percent on an annual basis in the period from January to April this year compared to the same period in 2014.

However, the Greek economy in the first months of 2015 shrunk by 0.2 percent in comparison to the fourth quarter of 2014.

"Recession is back," was the motto underlined in local media reports on ELSTAT's latest data on Wednesday.

The ailing economy had exited a painful six-year recession in 2014, posting a 0.7-percent growth, according to ELSTAT's previous figures.

The uncertainty that followed the change of government after January's national elections, and the impasse in negotiations with creditors since then on the conditions of future cooperation, has affected the real economy and financial indexes.

Amid a liquidity squeeze, which worsens each passing week without aid from international lenders, scenarios of a possible default and Grexit this spring or early summer have refuelled.

Athens appeared confident that an honest compromise with creditors could be achieved soon on the mandated set of reforms Greece must put in place in exchange for vital financial assistance.

Meanwhile, Greece relies on short-term solutions, such as the monthly treasury bills auction program.

On Wednesday, Greece raised a further 1.138 billion euros (about 1.280 billion U.S. dollars) from the sale of three-month treasury bills, the public debt management agency PDMA announced.

The interest rate remained stable at 2.7 percent compared to the previous similar auction. Endit