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Greece's Journey Through Recession

Nov. 14, 2014
A worker walks as construction cranes standing above a new national library and opera building under construction in southern Athens. Greece's battered economy exited a brutal recession earlier this year, according to figures released Friday.

A Look at Greece's Journey Through Recession

The Greek recession is over.

Figures released Friday show the Greek economy, which has shrunk every year since 2008, grew by an annual 1.4 percent in the third quarter.

The news represents a landmark for a country that has experienced one of the most savage recessions anywhere in the developed world over the past 100 years. The combination of a global recession brought on by a crisis of confidence in the world's financial institutions and Greece's home-grown budgetary largesse has laid waste to an economy that was not so long ago basking in the glory of joining the euro and hosting the Olympic Games.

Following two multibillion dollar bailouts from its partners in the eurozone and the International Monetary Fund that were given on condition of harsh austerity, the Greek economy has shrunk by a quarter.