Summary Box: Greek economy stuck in deep recession
By
The Associated Press
February 14, 2012
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DEEP RECESSION: The Greek economy shrank 7 percent on the year in the fourth quarter, not adjusting for seasonal effects.
PAINFUL AUSTERITY: Greece's economy has been in decline since late 2008. Deep spending cuts and economic reforms, demanded in return for emergency loans from the European Union and the International Monetary Fund, have exacerbated the recession.
STILL MORE: Parliament on Sunday approved a new round of austerity measures demanded by the EU to approve a second massive bailout deal.
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