A first-quarter estimate by statisticians has suggested the Greek economy has slipped backed into recession. The marginal drop at the beginning of the year followed a more pronounced 1.2-percent decrease in GDP in the October to December period. For economists, two straight quarters in negative territory are enough to speak of a recession. The planned measures include pension cuts and tax hikes amounting to savings of 4.9 billion euros ($5.3 billion) annually. The PNO ferry workers’ union on Monday announced a 48-hour strike starting Tuesday.

Source: Daily News Egypt May 15, 2017 11:15 UTC