WSJ: Greece's Recession Deepens: The Greek 2 year yield is at 55%!
From the WSJ: Greece's Recession Deepens
And there is more austerity to come, from the WSJ: Greek Officials Scramble to Find More Cuts
From the WSJ: Greece's Recession Deepens
Greece's economy sank deeper into recession in the second quarter than previously forecast, with gross domestic product contracting by 7.3% on the year. ...Perhaps the headline should read "Greece's Depression Deepens".
Plunging domestic consumption was mostly responsible for the steep contraction rate ... With consumers bracing for the implementation of further austerity measures, promised in exchange for a fresh bailout to Greece ... Data showed Thursday that Greece's unemployment fell to 16% in June from 16.6% in May, but remained sharply above the rate of 11.6% a year earlier.
And there is more austerity to come, from the WSJ: Greek Officials Scramble to Find More Cuts
Greece's Socialist government is scrambling to cut public spending after receiving stark ultimatums from euro-zone governments that further rescue money will be withheld if Athens doesn't deliver on promises to reduce its budget deficit.The beatings will continue until morale improves.
The government now is looking at unprecedented public-sector layoffs and cuts in civil-service perks ...
Without the aid, Greece is expected to run out of money within weeks, say senior Greek government officials.
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