Given the daily protests on the streets of Athens and its austerity measures it is hardly surprising thatthe entire country is practically grinding to a halt with the Greek Industrial Production dropping by 11%.
Mining fell by 6.4pc, manufacturing decreased by 11.3pc, electricity production dropped 12.2pc, while the water supply declined by 6.8pc. Hard to imagine any recovery in this situation.
As for that bailout, even that is no longer certain, the indebted nation is expected to need more help in coming years, with estimates putting the sum at up to €100bn on top of an EU/IMF package granted last year worth €110bn.
Yesterday, the German business daily Handelsblatt quoted a "high-ranking European diplomatic source" who said that approval of a second rescue plan for Greece might be delayed because of resistance within the 17-nation eurozone.
We can easily expect comparable economic data out of the other PIIGS shortly.