Greece admits economy will shrink more than expected
Greece’s finance minister has said that the economy will shrink more than expected this year, putting further pressure on the country’s ambitious deficit-cutting effort.
By AP
7:40PM BST 22 Aug 2011
Evangelos Venizelos said the ministry forecasts annual output to shrink in 2011 between 4.5pc and 5.3pc of GDP.
Venizelos had previously admitted that the recession might be over last year’s 4.5pc, a whole percentage point worse than initially estimated. The government has forecast a timid return to growth in 2012, but that now seems very unrealistic.
“All the measures we are taking … are aimed to stem the recession,” Venizelos said.
Read more at: http://www.telegraph.co.uk/finance/financialcrisis/8716828/Greece-admits-economy-will-shrink-more-than-expected.html
