Greek economy contracts 6.2 pct in Q2 over year

ATHENS, Greece (AP) ? The Greek statistical authority says the country's deep recession has eased slightly, although the economy still contracted 6.2 percent in the second quarter from the same period last year.

In the first quarter, the contraction was 6.5 percent.

No quarterly figures were provided in the figures published Monday.

Debt-crippled Greece has been in recession for five years, and the cumulative shrinkage is expected to reach 20 percent at the end of this year. The government has said the recession could exceed seven percent in 2012.

Greece is being kept solvent by international bailout loans, granted in return for a harsh austerity program.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-08-13-Greece/id-7b026f2378ad4381a2dfeab01c8caee2

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