Greek Austerity Risks Depression

The Greek economy has shrunk by 18.4% in the last four years and is expected to shrink an additional 4% in 2013 alone.  Economists have cited the fact that strict austerity measures have destroyed tax revenue contributing to the decline.  If the International Monetary Fund’s prediction of a 4% decline in the following year prove to be accurate, Greece will pass Latvia as the nation suffering the deepest recession in the European Union.  Meanwhile unemployment has risen to 24% and government debt has doubled since 2003.  The Greek government is currently attempting to cut and additional 16.6 billion euros from the budget in order to persuade creditors to release a second bailout package for 130  billion euros.

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