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Austerity measures hit Greek economy

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Austerity measures hit Greek economy

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Greece’s economy shrank more than expected in the second quarter and unemployment climbed to 12 percent.

The initial estimates from the Greek statistics service are that gross domestic product contracted by 1.5 percent.

The figures reflect the austerity measures agreed with the EU and the International Monetary Fund.

Economists had predicted a one percent fall in the second quarter and said things are likely to get worse for Greece before they turn better.