Euro Crisis

Greece's Economy in Worse Shape Than Originally Claimed

Across the board, the numbers are terrible

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Every detail of the Greek economy is worse than officially forecast just weeks ago.

The budget unveiled this morning estimates that public debt will reach 189pc of GDP next year (not 179pc).

The budget deficit will be 5.2pc (not 4.2pc).

The economy will shrink 4.5pc next year (not 3.8pc).

Unemployment is already 25.1pc and 55.6pc for youth.

Just for the record:

The EU-IMF Troika originally said that the economy would contract by just 2.6pc in 2010, before growing by 1.1pc in 2011, and 2.1pc in 2012.

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