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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Athens rejects default rumours as economy slumps AFP - Thursday, June 10 Send IM Story Print Athens rejects default rumours as economy slumps ATHENS (AFP) - – Greece rejected as comical on Wednesday speculation that it would default on its debt or abandon the European single currency as figures showed its economy struggling deep in recession. Talk about default or dropping the euro "is down to rumours that have no basis in fact, which are speculative ... all that is improbable ... and comical," Finance Minister George Papaconstantinou told a press conference. Official figures meanwhile showed that the Greek economy shrank by 1.0 percent in the first quarter compared with output in the last three months of 2009 and contracted 2.5 percent from the level 12 months earlier. Investment slumped 14 percent in the first quarter on a 12-month comparison. The Greek statistics office said April industrial output slumped 5.7 percent compared with the level a year earlier after a fall of 3.7 percent in March, and was down 5.3 percent for the first four months of 2010. Recent reports have raised the possibility of a Greek debt default or of Greece being forced to drop the euro, as similar problems in Hungary sparked a fresh bout of global nerves over the eurozone's future. Last month, Athens agreed a rescue package worth 110 billion euros (131 billion euros) with the European Union and International Monetary Fund to cover its debt obligations after it could no longer afford to raise fresh funds on the international markets. The package effectively back-stopped the Greek government's finances as it introduced a drastic austerity programme to put its accounts in order. Despite the accord, and a separate one trillion dollar EU-IMF accord for the wider eurozone, speculation has continued that Greece and possibly other weak eurozone members such as Spain or Portugal could be pushed into default or into quitting the euro. "Most investors do not know about the efforts we have made (to stabilise the public finances) nor the results we are getting from the economic recovery plan, which will become visible soon," Papaconstantinou said. "I think things will change (then)," he added. The Greek central bank separately announced on Wednesday a significant improvement in the budget defict, which fell to 9.54 billion euros in the five months to May from 14.63 billion euros for the same period in 2009. For May alone, the deficit more than halved to 1.84 billion euros from the year earlier 3.85 billion euros, the bank said in a statement. The improvement in the five-month period was based on a sharp fall in government expenditure, the figures showed, with revenues rising to 19.90 billion euros from 18.34 billion euros while spending fell to 25.26 billion euros from 29.24 billion euros in the 2009 period. The Socialist government is aiming to cut the budget deficit to three percent of gross domestic product, the EU maximum, by 2014 after it ballooned to 13.9 percent last year. Papaconstantinou said late on Tuesday that senior IMF and EU officials all agreed that Greece was following its recovery plan in a proper manner. "There is absolutely no problem in pursuing this plan," he said. 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