Greek economy shrinks by 7% in Q4 2011

The embattled Greek economy shrunk by 7% in the last quarter of 2011, as fiscal and political crises ravaged the region.

The first official estimate showed the steeper than expected decline of 7%, compared to a 5% fall during the previous quarter, according to the Wall Street Journal. The figure, from the Hellenic Statistical Authority, or ELSTAT, are not seasonally adjusted and may yet be revised down, but it nonetheless reveals the full extent of the Greek crisis. This week the government approved the latest austerity plans, but confidence in the Greek economy has been hit and the country's citizens have taken to the streets once again to protest at further cutbacks. One government has already been...