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Greek economy shrinks 6.9 percent in 3rd quarter

  • Associated Press
  • December 7, 2012 - 5:05 AM

ATHENS, Greece - Greece's economy shrank by 6.9 percent in the third quarter of the year, compared with the same period in 2011.

The national statistics agency says that the decrease was less than the 7.2 percent drop estimated in November, based on new data that wasn't available last month.

Separately, Greece's debt management agency has announced it will seek to raise (EURO)3.75 billion ($4.9 billion) in treasury bills next week. The debt agency said Friday it would auction (EURO)2.125 billion in one-month bills and (EURO)1.250 billion in six month bills.

Greece has been gripped by a vicious financial crisis borne of decades of overspending and poor fiscal management. Dependent on international bailout funds since May 2010, the country is heading into a sixth year of a deep recession.

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