Greece reported dire construction data suggesting that the Greek economy is set to decline even more over the course of the year. Just 1,240 new permits were awarded to builders during the month, down from 2,270 in February 2012. In volume terms, activity has almost halved.
Economist Shaun Richards said; “We are left three years after the bailout of Greece with shock and awe at the economic destruction that has been inflicted on Greece. Even the rose-tinted forecasts of the European Commission predict that her economy will shrink by 4.2% this year. Every time we see a number which shows a glimmer of hope we find another like todays truly dreadful construction numbers to shatter it.
Again and again we are told that recovery is “just around the corner” as we discover that like on a Roman road there are no corners in sight. I think that those responsible for this should be called to account for their actions. But sadly I see a world where one of them -Christine Lagarde- was elevated to the role of Managing Director of the IMF which can only be a sad indictment of these times.
Please remember this when it is presented as a success later that the Greek people will have another 7.5 billion Euros added to their debts by the end of June.”
The dire data adds to the already record high unemployment rate and steadily declining retail sales.
Current Euro (EUR) Exchange Rates
The Euro/US Dollar Exchange Rate is currently in the region of: 1.2980
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8445
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.3020
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.5669
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7713
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1846
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7698
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6401
(Correct as of 12:45pm GMT)