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Greek economy shrinks 6.9 per cent in third quarter compared with year earlier

A woman passes a shopping window of a closed shop, with stickers reading "For Rent" in the northern Greek port of city Thessaloniki, Friday, Dec. 7, 2012. Greece is heading into a sixth year of a deep recession and the European Central Bank warned Friday of another gloomy year for the 17 European Union countries that use the euro, cutting its forecast for economic growth in 2013 from plus 0.5 percent to minus 0.3 percent. (AP Photo/Nikolas Giakoumidis)

ATHENS, Greece - Greece's economy shrank by 6.9 per cent 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 per cent 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 3.75 billion ($4.9 billion) in treasury bills next week. The debt agency said Friday it would auction 2.125 billion in one-month bills and 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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