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Reports have shown that France’s economy hasn’t grown at all in the second quarter despite the French Finance Minister insisting it is fine.
In comparrision, Greece’s economy appears to have got 6.9% smaller that it was this time last year.
Although this shows an improvement on the first quarter whereby figures showed the economy had shank by 8.1%, it is still worrying.
The firgures suggest that Greece may be on track for another year in recession and economists have predicted that it will have difficulty meeting it’s goals to cut back costs which could lead to a longer time in recession than was originally expected.
With regards to France’s economic statistics, which show no growth following a very promising first quarter growth of 0.9%, the French Finance Minister says he is not concerned. He believes the French economy is so diverse and the banks so resilient, there is nothing to worry about.
Last week, Italy, Spain, Belgium and France revealed that they will no longer be allowing short selling of shares in their banks and other financial institutions due to their belief that this is contributing to the uncertainty in the market..

About The Author

Lee Murphy

MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.

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