GREEK TRAGEDY CONTINUES AS UNEMPLOYMENT RISES

The Greek economy contracted in the second quarter compared to the previous one and unemployment is rising. The quarterly contraction of 1.5% compares to 1% of the previous quarter. The figures confirm predictions by the EU and World Monetary Fund for 2010 of a 4% contraction, although current trends indicates a 3.5% fall. The debt crisis is having a serious effect on the country as unemployment rose to 12%, up from 8.5% a year ago.