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Greek economy to shrink 25 percent by 2014
The ailing Greek economy is on the verge of a 1930s-style Great Depression, as the Athens government predicted a 25% fall in GDP by 2014, putting intense pressure on the EU to relax the terms on the country’s €130bn (£105bn) bailout package The finance minister, Yannis Stournaras, said a decline…
Finance minister: France needs €10 billion to reduce deficit
France must find up to 10 billion euros to cut its public deficit to 4.5 percent of gross domestic product (GDP), Finance Minister Pierre Moscovici said on Monday. Moscovici told iTele television that the new socialist government was looking for seven to 10 billion euros ($12.5 billion), and added: “We…
Incoming Greek finance minister allegedly faints hours before taking oath
Incoming Greek finance minister Vassilis Rapanos was admitted in hospital on Friday, the government said, with unconfirmed reports saying the 65-year-old senior banker had fainted. The chairman of leading Greek lender National Bank, Rapanos was taken to a private hospital in Athens, a government spokesman said, hours before he was…
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