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Greece Is on Pace for the Worst Recession in Modern History   By Derek Thompson  The Atlantic  (H/T Edward Harrison)

The Greek economy shrank nearly 7% in 2011, the fifth straight year the country has been in a recession. GDP has shriveled by a sixth since 2006, and unemployment has tripled over that period to 20%. With new rounds of austerity just announced, and a default yet to come, the nightmare isn't even close to being over. Will Greece be the deepest recession of the last 30 years?

It's getting there. Argentina's output plummeted 20 percent peak-to-trough when it defaulted in 2001, and Latvia's economy has shrunk by a fifth since 2008. Uri Dadush, an economist with the Carnegie Endowment in Washington, told Reuters that "on the current path, which is not sustainable in my view, we may very well see Greek GDP go down 25-30 percent, which would be historically unprecedented. It's a disastrous crisis for them." (Russia's GDP fell a spectacular 44% in the 1990s, but the dissolution of the Soviet Union is categorically different from a recession within a single country, so some analysts exclude it.)

RECESSION!? The fifth year of declining output, GDP down >16% and dropping fast and unemployment at 20% and increasing rapidly? Can none of these putzes use the word DEPRESSION?! Are you banned from the MSM is you use that word?

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Feb 17th, 2012 at 12:22:41 AM EST

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