Greece. Economy seen contracting 6.6% in 2012
2012-10-16 16:18:17
The Greek economy will contract by 6.6% in 2012, an economic think-tank forecast on Monday.
In its latest quarterly report, the Foundation for Economic and Industrial Research’s (IOBE) revised downwards the expected rate of contraction from 6.9% previously, but sees unemployment outlook deteriorating from 23.6% to 24.2% for the year as a whole.
IOBE estimates that the country may be in a position to service its own debt without any further help from its creditors around the end of the decade.