This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-33908034
The article has changed 4 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Greek economy in surprise return to growth | |
| (8 days later) | |
| The Greek economy grew by 0.8% in the second quarter of the year, confounding expectations of a steep contraction. | The Greek economy grew by 0.8% in the second quarter of the year, confounding expectations of a steep contraction. |
| The official figures, based on a flash estimate, also revised a reading of 0.2% negative growth in the first quarter to a flat reading, showing no change in economic activity. | The official figures, based on a flash estimate, also revised a reading of 0.2% negative growth in the first quarter to a flat reading, showing no change in economic activity. |
| The reading did not break down which sectors had been most active. | The reading did not break down which sectors had been most active. |
| The figures from the country's Elstat agency come as the Greek parliament prepares to vote on new bailout plans. | The figures from the country's Elstat agency come as the Greek parliament prepares to vote on new bailout plans. |
| The Greek government has defended the controversial new programme as tough, but essential if the country is to avoid financial collapse. | The Greek government has defended the controversial new programme as tough, but essential if the country is to avoid financial collapse. |
| The credit crisis sparked six years of recession in Greece, from which it emerged in 2014 before shrinking again. | The credit crisis sparked six years of recession in Greece, from which it emerged in 2014 before shrinking again. |
| Until these latest figures were released, the economy had been forecast to shrink again this year by between 2.1% and 2.3%. | Until these latest figures were released, the economy had been forecast to shrink again this year by between 2.1% and 2.3%. |
| Nikos Magginas at National Bank said it was now possible that the contraction would be less than 2%. | Nikos Magginas at National Bank said it was now possible that the contraction would be less than 2%. |
| He said there were a number of sectors likely to have helped boost activity: "Some economic activity indicators in the second quarter, including consumption, industrial production and tourism, had shown particular resilience." | He said there were a number of sectors likely to have helped boost activity: "Some economic activity indicators in the second quarter, including consumption, industrial production and tourism, had shown particular resilience." |
| Improvement | Improvement |
| Greece must repay some €3.4bn (£2.4bn; $3.8bn) to the ECB by next Thursday. If the deal is not finalised by then, Athens may need more emergency funding. | Greece must repay some €3.4bn (£2.4bn; $3.8bn) to the ECB by next Thursday. If the deal is not finalised by then, Athens may need more emergency funding. |
| Eurozone finance ministers are expected to meet at the weekend to endorse the draft deal. | Eurozone finance ministers are expected to meet at the weekend to endorse the draft deal. |
| Its Prime Minister, Alexis Tsipras, said the deal would end the country's economic uncertainty. | Its Prime Minister, Alexis Tsipras, said the deal would end the country's economic uncertainty. |
| The chances of the eurozone vote succeeding improved on Thursday afternoon, when Finland, which originally indicated it favoured a temporary Greek exit from the euro, backed the plan. | The chances of the eurozone vote succeeding improved on Thursday afternoon, when Finland, which originally indicated it favoured a temporary Greek exit from the euro, backed the plan. |
| Finland's finance minister, Alexander Stubb, said: "We have come a long way during the summer. The future of the euro was at stake.... but now we've got a solution and will live with it." | Finland's finance minister, Alexander Stubb, said: "We have come a long way during the summer. The future of the euro was at stake.... but now we've got a solution and will live with it." |
| On Wednesday, former Greek finance minister Yanis Varoufakis said the bailout deal was "not going to work", because it was based on an unsustainable debt burden that the economy would be unable to produce enough to repay. | On Wednesday, former Greek finance minister Yanis Varoufakis said the bailout deal was "not going to work", because it was based on an unsustainable debt burden that the economy would be unable to produce enough to repay. |
| Mr Varoufakis was removed from the talks early last month and replaced by the present finance minister, Euclid Tsakolotos. | Mr Varoufakis was removed from the talks early last month and replaced by the present finance minister, Euclid Tsakolotos. |