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IMF warns about 'damaging cuts'

The head of the International Monetary Fund has urged countries to ease back on cuts because of the impact on growth. It has previously warned the global economic recovery was weakening as government policies have failed to restore confidence.

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IMF: Greek to contract by 6%

The IMF has predicted a huge contraction in Greece for this year and for 2013. Predictions for GDP in the Eurozone are -0.4 this year and 0.4 next year, but Greece falls way below this with the worst estimates in the world.

  • –6.9% actual GDP in 2011
  • –6.0% 2012 projection
  • –4.0% 2013 projection

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