Calamos Supports Greece

2013 Recession at 4%

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The Troika accepts as a basic macroeconomic scenario for this year that recession will reach 4%, compared to the forecast of a 4.2% decline in the budget. Athens negotiated with a forecast for decline in theĀ  GDP by 3.8 %, due to the positive progress of tourism, but the European lenders seem they have not been convinced whether the improvement recorded in the first six months will be preserved, so they accepted a more limited forecast that shows recession at 4%.
This assessment will be recorded in the preliminary budget draft for 2014 and will be the starting point for negotiations on next year’s macroeconomic scenario.
According to officials of the Ministry of Finance, this deal with the Troika has not yet begun. It is said that the lower the recession is, the greatest the budgetary relief of the new budget will be. However, the Greek side seems to be ready to come to a new deal with estimates of a marginal growth of 0.6 % next year.

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