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Tuesday 07 February 2012

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• Parthenios

Recession Milder Than Forecast

Recession Milder Than Forecast
Greece's recession is milder than initially expected and the economy will shrink by less than the forecast 4 percent this year, the finance minister said Wednesday, although a separate survey showed many businesses are struggling to stay afloat.George Papaconstantinou told deputies in Parliament that although problems remained, there was now "light at the end of the tunnel," and reiterated that there was no question of Greece restructuring its debt.

"We all know that three months ago, the Greek economy came to the brink of the abyss. We know that three months ago, it found itself a breath away from a suspension of payments," Papaconstantinou said. "We managed to avert the worst. We managed to avoid bankruptcy."

Still, a survey by GSEVEE, an association representing small businesses — which make up 98.7 percent of Greek enterprises — showed that eight in 10 businesses have seen their overall economic situation deteriorate in the first six months of the year.

Read the full story from ABC news here


27.08.2010

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