La austeridad agrava la recesión en Grecia y Portugal
La economía griega cae el 7,2% en el tercer trimestre y la lusa, el 3,4%
El País Madrid 14 NOV 2012 - 19:15 CET
Austerity aggravates the recession in Greece and Portugal
The Greek economy fell 7.2% in the third quarter and the Portuguese, 3.4%
The Country Madrid 14 NOV 2012 - 19:15 CET
The austerity policies that continue to permeate the euro economies and threaten to worsen the scenario set in the most debilitated. According to the information available today, the Greek economy shrank by 7.2% in annual terms not seasonally adjusted, in the third quarter, compared with a fall of 6.3% in the April-June quarter. In the case of Portugal, the economy fell by 3.4% between July and September compared with the same period last year.
Eurostat is releasing GDP data across the eurozone in the third quarter, which will expose the growing divergences between euro countries, with France and Germany for now still at the forefront of growth in the region.
Greece has just approved the budget for 2013 to deepen austerity policies with spending cuts of 13,500 million euros over the next two years. The Greek government expects, well, getting the nod from the European Commission for the disbursement of the next tranche of financial aid, 31 500 million, which has been frozen since last June.
"It is not difficult to anticipate that if we continue with more and more austerity will have an economy with a recession that is increasingly looking to the U.S. Great Depression [in the '30s]," claimed yesterday Michala Marcussen, chief economist at Société Générale, told Bloomberg.
Brussels expects the Greek GDP to contract by 6% this year and 4.2% in 2013, while for Portugal predicts GDP fell by 3% this year and 1% the next. But other analysts warn that the continuing fall sharpen settings. Citigroup estimates that the Greek economy will shrink by 7.25% this year and 3.25% Portuguese.
Even the director of the Institute of International Finance, Charles Dallara, in Athens yesterday asked the European authorities' less austerity and more growth. "
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