Greece slides back in recession as protests break out in Athens

The Greek economy slipped back into recession in the fourth quarter of last year, capping a tumultuous year that almost saw the country leave the eurozone. Greece's gross domestic product shrank 0.6% in the last quarter of 2015, building on a 1.4% contraction in the third quarter. This comes as the country narrowly escaped recession in the second quarter, as the economy grew 0.2%. "It's hard to imagine how the sense of deja-vu could be any stronger. The confirmation that Greece has slumped back into recession came as rioters stalked the streets of Athens to protest against government austerity," said David Lamb, head of dealing at FEXCO, in a note. Clashes broke out in the Greek capital earlier on Friday, as thousands of farmers protested against tax increases and pension reforms. The yield on 10-year Greek government bonds rose 32 basis points to 11.42%.

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