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Is Greece Headed For One Of Modern History’s Worst Recessions?

Uri Dadush, a former World Bank official who is currently an economist for the Carnegie Endowment, told Reuters that Greece could be headed for a 30 percent contraction of its economy, which would place the Greek crisis among modern history’s worst recessions. For comparison’s sake, the U.S. saw a 29 percent economic contraction during the Great Depression, Argentina saw a 20 percent drop in GDP following its 2001 debt default, and Latvia saw a 24 percent contraction because of the 2008 financial crisis.

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