Greek economy contracts further

  • The Greek economy contracted by 7.2 percent in the third quarter compared with the same period last year, according to statistics agency Elstat.

    Greece has been in recession since late 2008. In the second quarter, the economy contracted by 6.3 percent.

    It has been granted two bailouts from the European Union and International Monetary Fund (IMF).

    However, Greece is not likely to reduce its debt to 120 percent of GDP by 2020, a condition of its bailout deal.

    While Eurozone countries are in favor of giving Athens an extra two years to reach the target, the IMF disagrees.

    Greece is awaiting its latest instalment of bailout funds.

    Eurozone finance ministers are due to meet on November 20 to discuss releasing the latest $40 billion.