Greece just reported an astonishingly strong GDP figure for the second quarter of the year.
GDP rose by 0.8%, as opposed to the 0.8% fall that analysts had been expecting.
Through those months (April to June), the Greek government was going through negotiations with its European creditors and there was climbing uncertainty about a deal.
At the very end of the period, on June 28, the government shuttered banks, imposed capital controls. Athens then missed a payment due to the International Monetary Fund, putting it in a small club including Sudan and Zimbabwe.
What’s more, the 0.2% decline originally recorded for the first three months of the year has been revised to a 0% rise.
Cash limits and capital controls were only in place for a very small fraction of Q2, but Q3’s figures are much more likely to be impacted badly by them.
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