Greek economy continues to shrink
August 14 , 2012
Greece's economy is still in a deep recession, according to official figures.
The economy contracted by 6.2 percent in the second quarter compared with the same period the previous year.
However, the figure was a slight improvement compared to the 6.5% annual contraction recorded in the first quarter.
The Greek economy has been in recession Greece's economy for five years with unemployment at record highs.
In a bid to address the issue, the government made spending cuts in order to secure bailout funds from international lenders.
Earlier this month, leaders of Greece's coalition government agreed to $14.2 billion in new spending cuts.
The cuts are necessary for Greece to qualify for the next $38.5 billion instalment of the $159 billion loan from the "troika" of international creditors, namely the EU, the International Monetary Fund and the European Central Bank.