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Greek Economy Returns to Growth Amid Push for New EU-Led Bailout

Greek Presidential Guards
The Greek economy returned to growth in the first quarter as calls intensify for a new European Union-led rescue to stave off a default. Photographer: Kostas Tsironis/Bloomberg

May 13 (Bloomberg) -- The Greek economy returned to growth in the first quarter as calls intensify for a new European Union-led rescue to stave off a default.

Greek gross domestic product expanded 0.8 percent from the previous quarter, when it shrank 2.8 percent, Eurostat, the EU’s Luxembourg-based statistics office, said in an e-mailed statement today. The economy contracted 4.8 percent from the first quarter of 2010.

Euro-region finance chiefs meet in Brussels on May 16 to discuss additional support for Greece. The yield on Greece’s 10-year bond has more than doubled since a first bailout last year, complicating a return to markets to cover 27 billion euros of financing needs next year.

To contact the reporter on this story: Patrick Henry in Brussels at phenry8@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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