Greece Recession

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  IMF Believes Greece Needs Third Bailout Worth 90 Billion Euros

  Citing high-ranking EU diplomats, the paper said the IMF believed the increase was necessary due to a recession in Greece. The economy is expected to shrink by between 2.1 and 2.3 per cent this year, a Greek government official told Reuters on Monday.

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  Fleeing a Crisis, Greek Migrants Flock Back to Australia

  Greek translator Nikos Fotakis considers himself one of the lucky ones. At 39, he found himself virtually penniless, in debt, and desperate for ways to support his wife and two young children. His escape route came via his wife's birthplace. Fotakis left the turmoil in his homeland six months ago, arriving in Australia with few possessions but hope...

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  Greek Journalists on Strike Against Austerity Measures

  Greek journalists are on a 24-hour strike, pulling all newscasts off the air a day before a nationwide general strike against austerity measures.

• Euro zone may exit from recession yet give little to cheer about

  The overall picture is expected to be mixed. Peripheral countries, such as Spain, Greece and Portugal are struggling with high double-digit unemployment, on-and-off political rows and painful austerity.

• Euro zone marks longest ever recession as economy shrinks in Q1

  Falling output across the bloc, from France to Finland, meant the 17-nation economy shrank 0.2 per cent in the January to March period, the EU's statistics office Eurostat said.

• Why the worst may not be over for the global economy

  More than three years after the end of the global recession, sluggish activity across rich and poor economies is confounding policymakers who expected more by now and raising concerns that options for kick-starting growth are increasingly limited. They face a sobering checklist

• Facing recession, record dole queues right through 2013: European Union

  The eurozone is staring at another full year of recession in 2013 with unemployment likely to surge above the 20-million mark and France set to overshoot fiscal targets, the European Union (EU) warned today.

• EU says euro zone economy to shrink again in 2013

  The European Union predicted Friday that the economy of the 17 member countries that use the euro will shrink again in 2013 even though it will see its fortunes improve in the second half of the year.

• Greek unemployment hits record as poverty spreads

  Unemployment in Greece rose to a record 27 per cent in November as separate surveys on Thursday showed the country remains stuck in recession and predicted nearly a third of the population would be in poverty by the end of the year.

• Even without US 'fiscal cliff,' world economy teeters

  Among rich nations, the U.S. outlook remains the least troublesome. But given a recession in the euro zone and a recent contraction in Japan, that's not saying a lot. At the same time, many emerging markets are hurting. India is likely to log its weakest growth in a decade this year and Brazil's economy is also sputtering. Luckily, growth in China ...

• Asian shares fall on US fiscal worries

  Asian shares fell further on Friday, weighed down by worries over the risk of a recession in the world's largest economy as the United States faces a looming fiscal crisis, while Europe still awaits a bailout for Greece, keeping investor risk appetite subdued.

• Greek 2013 Budget sees 6th year of recession

  The government unveiled a tough austerity budget after Finance Minister Yannis Stournaras met the so-called "troika" of International Monetary Fund, European Commission and European Central Bank inspectors, whose approval is vital to unlock the next slice of aid, urgently needed to avoid bankruptcy.

• Europe on the edge of recession

  The eurozone is grappling with sky-high debt levels and record unemployment of 11.2 per cent. Compared with the year before, the eurozone's economy is 0.4 per cent smaller. The region's economy would have slipped into recession had it not been for better-than-expected GDP figures from its two leading economies, Germany and France.

• Greek recession to be much worse than expected: Prime Minister

  The Greek recession this year could be much worse than expected, with the economy shrinking by "more than seven per cent," Prime Minister Antonis Samaras said on Tuesday. The central bank has previously estimated that the economy, now in its fifth year of recession, would shrink by 4.5 per cent in 2012.

• Greeks vote in election that could decide euro's fate

  Greeks went to the polls on Sunday in an election that could decide whether their heavily indebted country remains in the euro zone or heads for the exit, potentially unleashing shocks that could break up the single currency. Opinion polls show Greeks, weary after five years of deep recession, overwhelmingly favour remaining in the euro, but there ...