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18 March, 20:15

Why is the greece financial crisis described as a depression and not a recession?

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  1. 18 March, 21:26
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    The financial crisis in Greece is described as depression rather than recession is because the Greece’s economy had taken a severe and sustained economic downturn. Greece’s economy has been marked by a substantial and sustained shortfall of the ability to purchase goods relative to the amount that could be produced. Depression is a more severe form of recession. Recession lasts a few months, while depression lasts longer.
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