Jump to content
House Price Crash Forum
Sign in to follow this  
interestrateripoff

Greece Economy Shrinks 1.8% As Consumers Cut Spending

Recommended Posts

http://www.bbc.co.uk/news/business-11229042

The debt-laden Greek economy shrank 1.8% in the second quarter as households slashed spending.

The contraction was worse than expected and compares with the 0.8% shrinkage in the January-to-March period.

Greece's national statistics office said that private consumption dropped 4.2% year-on-year, against a rise of 1.5% in the previous quarter.

The figures underline Greece's struggle against recession and cast a shadow over European stock markets.

The statistics agency said that gross capital investment tumbled by 18.6% in the second quarter, while exports fell 5%.

Greece is in the grip of a deep economic crisis.

The country has imposed radical austerity measures to balance the books and has been granted 110bn euros ($140bn; £90bn) in emergency aid from the European Union (EU) and International Monetary Fund (IMF).

Debt worries

Platon Monokroussos, economist at EFG Eurobank, said that there would be no let-up for the economy in the short term.

"Economic growth is likely to remain firmly in negative territory in the second half, given tight domestic credit conditions and the government's austerity programme," he said.

And when GDP shrinks the debt to GDP ratio goes up, anyone know what the relationship is when this happens ie a 1% contraction = a x% increase in the debt ratio.

Share this post


Link to post
Share on other sites

Here we go, measuring the money again!.

Are greeks producing less wealth at this time? Has a crop failed? Are they starving themselves to death?

No, but debt is going to be defaulted....Id bank on it.

Share this post


Link to post
Share on other sites

Here we go, measuring the money again!.

Are greeks producing less wealth at this time? Has a crop failed? Are they starving themselves to death?

No, but debt is going to be defaulted....Id bank on it.

100% guaranteed, protect yourself, buy fishcakes

Share this post


Link to post
Share on other sites

100% guaranteed, protect yourself, buy fishcakes

At last, some suggestion as to how to protect yourselves.

Id prefer white bread, butter and Genuine Birdseye fried, COD fishfingers in a sandwich, a dash of tomato sauce though.

Share this post


Link to post
Share on other sites

I think we should all be watching Greece very carefully in preparation for what could happen here with the impending spending review on our doorsteps.

And Ireland. And Spain.

Share this post


Link to post
Share on other sites

hardly surprising , the greeks have an even worse manufacturing situation than the UK

all that kept them afloat was their shipping monopolies which have been decimated by the GFC

Share this post


Link to post
Share on other sites

Here we go, measuring the money again!.

Are greeks producing less wealth at this time? Has a crop failed? Are they starving themselves to death?

No, but debt is going to be defaulted....Id bank on it.

according to bloomberg the norwegians think not and are buying greek bonds

Share this post


Link to post
Share on other sites

according to bloomberg the norwegians think not and are buying greek bonds

Judging by the interest rates, they're pretty much the only ones that think that.

Share this post


Link to post
Share on other sites

according to bloomberg the norwegians think not and are buying greek bonds

thats because they can use them for loans from the ECB and earn on the arbitrage.

Share this post


Link to post
Share on other sites

Fried kalamari?

(did you see what I did there? that was a Goldman's joke ;))

I see...so Kalamari means, to suck the life out of humanity?

Share this post


Link to post
Share on other sites

hardly surprising , the greeks have an even worse manufacturing situation than the UK

all that kept them afloat was their shipping monopolies which have been decimated by the GFC

They had a tourism industry before they joined the Euro. Now even the Gemans go to cheap non Euro currency locations, like Turkey, Egypt, Thailand, etc.

Share this post


Link to post
Share on other sites

They had a tourism industry before they joined the Euro. Now even the Gemans go to cheap non Euro currency locations, like Turkey, Egypt, Thailand, etc.

At least they're only going there on holiday. For now.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 245 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.