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WSJ: Greece's Recession Deepens
by CalculatedRisk on 9/08/2011 04:48:00 PM
The Greek 2 year yield is at 55%!
From the WSJ: Greece's Recession Deepens
Greece's economy sank deeper into recession in the second quarter than previously forecast, with gross domestic product contracting by 7.3% on the year. ...
Plunging domestic consumption was mostly responsible for the steep contraction rate ... With consumers bracing for the implementation of further austerity measures, promised in exchange for a fresh bailout to Greece ... Data showed Thursday that Greece's unemployment fell to 16% in June from 16.6% in May, but remained sharply above the rate of 11.6% a year earlier.
Perhaps the headline should read "Greece's Depression Deepens".
And there is more austerity to come, from the WSJ: Greek Officials Scramble to Find More Cuts
Greece's Socialist government is scrambling to cut public spending after receiving stark ultimatums from euro-zone governments that further rescue money will be withheld if Athens doesn't deliver on promises to reduce its budget deficit.
The government now is looking at unprecedented public-sector layoffs and cuts in civil-service perks ...
Without the aid, Greece is expected to run out of money within weeks, say senior Greek government officials.
The beatings will continue until morale improves.
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