Portugal's National Statistics Institute says the country has slipped into a double-dip recession, with the economy contracting 0.7 percent in the first quarter of this year.Portugal is waiting for approval for a euro78 billion bailout it has requested from the International Monetary Fund and its European partners to avert bankruptcy. The IMF predicts Portugal will stay in recession through next year.
May 13, 2011
Portugal Enters Double-Dip Recession
Portugal's National Statistics Institute says the country has slipped into a double-dip recession, with the economy contracting 0.7 percent in the first quarter of this year.Portugal is waiting for approval for a euro78 billion bailout it has requested from the International Monetary Fund and its European partners to avert bankruptcy. The IMF predicts Portugal will stay in recession through next year.
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