Still In The Dumps, But Is The Worst Over? It is (still) grim in Greece. 2013 remains on track to be the fifth consecutive year of recession in the country. The combined impact of fiscal severity and internal devaluation is hammering domestic demand, the main driver of economic activity. Consumer spending remains down by 8-9% on a year-on-year (y-o-y) basis, and unemployment is touching 27%. Industrial production is down by around 35% since the pre-crisis peak. As the government wearily negotiates debt rollovers with the troika (the European Commission, European Central Bank, and the International Monetary Fund) the political risks …
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