Reuters: Greek economy back in ‘intensive care’

All economic figures bad

Reuters news agency reports on the ‘regression’ of the Greek economy in the run-up the September 20 elections. The piece, aptly titled ‘Greek economy heads back to intensive care as election nears’, lists a some data of the country’s economy that leave little doubt of the severity facing the near-default country. The economy is in its 30th straight month of deflation; industrial output fell in July; and wages are at lowest level since 2001. The article outlines the strategy used by the two main political contenders, former PM leader of leftist SYRIAZ Alexis Tsipras, and conservative New Democracy leader Evangelos Meimarakis, to convince the Greek electorate with the near-shambles economy as the backdrop. Tsipras pledges to try to improve the terms in the July agreement his government signed with the EU institutions, while Meimarakis blames Tsipras for mismanaging the economy towards another recession.