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Greece growth downgrade hits bailout hopes

THE GREEK economy shrank far more than was previously thought at the end of 2016, putting the growth underpinning its bailout deal this year under further threat.

Output in the embattled country declined by 1.2 per cent in the final three months of the year, according to the Hellenic Statistical Authority, a big downwards revision from the first estimate of a 0.4 per cent contraction. Klaus Regling, who heads the European Stability Mechanism (ESM), yesterday said an agreement to release th

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