Home / Top Story / Greece sees lighter recession despite recent crisis

Greece sees lighter recession despite recent crisis

The Associated Press

Greek Finance Minister Euclid Tsakalotos gestures during a parliamentary session for a reform bill vote, in Athens, Thursday, Nov. 19, 2015. Dissenters increased pressure on Greece’s grudgingly pro-reform governing coalition Thursday, hours before an important vote on measures demanded by bailout creditors. (AP Photo/Petros Giannakouris)

Associated Press

+ More

ATHENS, Greece (AP) — Greece’s left-wing government says the country will escape an expected recession this year and suffer only a minor downturn in 2016, revising up its forecasts despite months of dramatic bailout negotiations.

The government submitted its 2016 budget to parliament Friday, forecasting zero economic growth this year and a contraction of 0.7 percent in 2016. Earlier it had predicted declines of 2.3 percent and 1.3 percent, respectively.

Negotiations for Greece’s third bailout brought the country to the brink of financial collapse and euro exit in the summer, but the government eventually agreed to impose more painful cost-cutting measures.

Lawmakers approved new austerity measures Thursday, but the government saw its majority in parliament reduced from five to three due to dissenting deputies.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *