(MENAFN) With no end in sight to tough talks with its creditors, Greece confirmed fears of economic slowdown by announcing that it had slipped back into recession, The Peninsula Qatar reported.
The Greek national statistics agency said the economy had contracted by 0.2 percent in the first quarter of the current year, according to preliminary data released.
The second consecutive quarterly fall in national output, coincided with a return to political uncertainty in the country and doubt over its USD270 billion international bailout.
"It appears that increasing uncertainty over the progress of negotiations between Greece and its official creditors... Has lately been having a more pronounced effect," chief economist at Eurobank said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.