Arab News | Crisis shrinks Greek economy by one-fifth Sydney Morning Herald The recession in Greece cut output by 20.1 per cent between 2008 and 2012, but the country's economy is ''clearly improving'' after avoiding the dangers of a default and euro exit, the governor of the Bank of Greece says. European Central Bank ... UPDATE 2-Greek economy to contract in 2013, recover next yr -cenbank Greek output down 20.1 percent Greek economy on rebound, challenges remain: Bank of Greece Governor |