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Gross domestic product tumbled 5.5 percent in the first three months of this year, the official numbers showed, far more than an earlier flash estimate of 4.8 percent.
As predicted (tho' finding the comments would take more time than I can afford to spend.)
The Greece economy is a network supported by productive consumers using their discretionary income to purchase goods and services offered by other productive consumers. This network comprises 70%, or so, of a nation-state's economy. It's Plain & Fancy impossible to increase economic activity in this network by reducing the amount of productive consumer's discretionary income.
This gets real simple: if you ain't got no money, you can't spend what you don't have.
Thus decreasing productive consumer's discretionary income MUST decrease micro-economic activity and if the Financial Interests depend -as they do - on micro-economic activity to provide the flow of Cash to pay off debt economic polices and regulations decreasing the ability of an economy to pay interest and principle of accumulated debt is stupidly counter-productive.
I realize this analysis is 180 degrees opposed to NCE macro-economic La-La Land prescriptions so I can only humbly suggest they write down their little mathematical equations on EU-approved A4 paper, fold the paper until it is all corners ... and shove them up their asses.
Ever since I learnt about confirmation bias I've started seeing it everywhere
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