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GREECE HAS DIVED back into recession for the first time in over a year.
The country’s economy shrank a smaller-than-expected 0.2% for the first three months of 2015, putting it into a technical recession after a 0.4% drop in GDP for the last quarter of 2014.
It was the first time since the end of 2013 that the country had recorded six straight months in financial malaise, although analysts had predicted an even bigger drop in the latest figures.
Greece successfully completed another debt repayment to the IMF worth €750 million yesterday as the anti-austerity Syriza government, which came to power in late January, tries to bang out a deal to unlock another €7.2 billion in bailout money.
Those talks with its EU and IMF lenders have centred around what concessions the left-wing government will swallow after vowing to unpick privatisation plans and deep cuts to public services during its election campaign.
It raised another €1.14 billion in short-term bonds today as larger debt repayments continue to loom.
Down the road
Another €1.5 billion is due to the IMF next month followed by a massive €6 billion tranche for the ECB in July and August.
It also faces the cash crunch of €1.5 billion in government salaries and pensions owed at the end of the month. This chart shows when the pressure will fall over the next six weeks:
Finance Minister Yanis Varoufakis recently warned the country could run out of money within two weeks if no deal was struck.
Greece took a €240 billion bailout but has been struggling under the weight of its massive debt repayments as the national unemployment rate hovers about 25%.
Elsewhere across the eurozone, the latest Eurostat figures showed region-wide GDP grew 0.4% in the most-recent quarter – beating the buoyant economies of both the US and the UK.
- With AFP
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There should be a debate on immigration. It is being swept under the rug by mainstream media..
@Patrick Mulkerrin: and all the candidates who ran in June on the alleged immigration issue got less than 1% support.
@Johnny Wilson: that was local not national, different ballgame. Immigration issue is a massive issue and needs managing. Only fair to see what each party would do to improve on current dire situation before we vote.
@Mr “JonnieBoy” Johnson: obviously not if no one is bringing it up- except some Journal commentator- hardly representative of anyone
@Sean Hayes: do you not actually believe it’s an issue ?
@Sean Hayes: bad rage bait
@Patrick Mulkerrin: All have their heads buried in the sand, thousands still arriving weekly, it’s unsustainable as we don’t have the Housing or Public Services, it’s not going to end well, massive social division & anger on the ground. People understand Immigration & the need for a structured system, but what we have at present is a mess.
Yes we need to stop SF moving pedos to this country
@Patrick Mulkerrin: it’s pretty simple ” we are full”
I really don’t think the voting people of Ireland want to hear about sport in fairness
@James Carolan: what about casement park. I work hard and my taxes go to pay for a stadium up north. Really pisses me off.
@Alan: it’s not though. Btw, it’s a drop in the ocean compared to the amount of funding Ireland already provides to the north, which you’re clearly unaware of.
@James Carolan: Go to Oriel Park and tell me that
@Eoin .h: I’m talking about what might happen. Would rather see the money going into school sports facilities. Let commercial enterprises take care of themselves. As for GAA, dont get me started
@James Carolan: I do. For starters any politician who wants to spend our tax money to build a stadium in Northern Ireland wouldn’t get my vote
@Ger Whelan: wow, it’s that much of a red line issue for you? I doubt that’s been registered on the doors for the last two weeks
@James Carolan: Agreed. Sport is important to the lives of many people but realistically is not a national election issue.
@Social Guy: as an aside: can we have the old comment functionality back please? Getting bounced out of the comments when commenting is VERY annoying. The new format is very poor. There doesn’t seem to be any benefit to it.
Why waste a cent on nordies
@Social Guy: sport is more important than housing dole parasites
@Alan: That the GAA is a brilliant organisation that makes and saves millions for the irish exchequer.
I would like to ask them a couple of questions
Kilmore Celtic fc from Coolock founded in 1990 still have no facilities toilets etc we have 14 teams underage girls boys 18 boys 17 girls senior men’s team we really need all weather facilities badly which would be used seven days a week keeping kids out of trouble FAI have a lot to answer for they do nothing shocking
How come bohemian fc can come into Coolock and take over Oscar Traynor road development centre when lease clearly states local needs non profit all councillors and TD were well aware of this and done nothing for local clubs kids need sports so bad
Seriously like we don’t have enough problems to be worried about who is going to maintain the football pitches
@thanks for the beautiful music christy rest in pea: Go to Oriel Park park anx come back to me
They’ll debate about sports but not on the issues that actually matter, like immigrations, taxes and the national debt. Maybe because none of the parties have any sort of answer to those issues in question.
Jesus wept
Bread and circuses
Fantastic idea, put it on a channel that isn’t free to air
Wouldn’t it be more useful for the electorate to know the identity of the alleged Russian spy referred to as Cobalt if he/she is running for the Dail.
Wouldn’t it also be more useful to the electorate to know the identity of the person allegedly standing for election, but not for any party, who allegedly is/was under investigation by the Gardai for allegedly assaulting her/his/their sister, an assault that allegedly involved hair pulling.
A debate to deflect from the real issues, Matt Cooper wont have a debate on issues like Immigration, Housing, Law & Order or Cost of Living, too close to the Political classes. No clear lines of separation between Mainstream Media & Govt & the voice of the people is not being heard. Radical change needed, vote radically so we get rid of Govt & their media buddies.
Could be an interesting watch
Ireland holds its breath with anticipation
have your say