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All the implemented austerity measures have helped Greece bring down its primary deficit—i.e., fiscal deficit before interest payments—from €24.7bn (10.6% of GDP) in 2009 to just €5.2bn (2.4% of GDP) in 2011, [47] [48] but as a side-effect they also contributed to a worsening of the Greek recession, which began in October 2008 and only ...
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