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Greek Recession Deepens, Complicating Its Deficit Reduction

(When will Germany finally pull the plug? This weekend?)
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Greek Recession Deepens, Complicating Its Deficit Reduction
Posted Friday, September 2nd, 2011 at 9:50 am

Greece says its recessionary economy may shrink 5 percent this year, making it more difficult for the debt-ridden government to meet its pledge to reduce its deficit.

The country’s economic plight led to a break-off in talks Friday between Greek financial officials and inspectors from the International Monetary Fund, the European Union and the European Central Bank about whether Athens was entitled to collect an $11 billion installment from last year’s $157 billion international bailout.

Greek news accounts said the talks broke down over disagreement about the extent to which Athens was enacting economic reforms it had promised to adopt. But Greek Finance Minister Evangelos Venizelos denied a rift and said the talks would resume in a couple weeks.

http://blogs.voanews.com/breaking-news/2011/09/02/greek-recession-deepens-complicating-
its-deficit-reduction/

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