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Greek recession slows, records 0.2 pct contraction

ATHENS, Aug. 13 (Xinhua) -- Greece's recession slowed to a six-year low by contracting 0.2 percent in the second quarter of 2014, the Greek Statistical Authority (ELSTAT) announced Wednesday.

The latest index boosts hopes that the ailing economy will return to growth after a painful six-year recession sometime this year.

According to ELSTAT economists, the 0.2 percent contraction recorded in Q2 was the lowest since the third quarter in 2008, before the beginning of the severe debt crisis which brought the country to the brink of bankruptcy.

After the implementation of austerity and reform programs in return for vital multi-billion euros bailout aid by the European Union and International Monetary Fund, Greece is expected to exit recession and post marginal growth by the year end.

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