Greek government presented a draft budget, which expects shrinking of tax revenue by 2.8% despite additional measures of €7.11 billion.
The draft explicitly mentions the risk of further divergence of €1.1 billion (0.5% of GDP) this year if Greek people do not respond to the measures.
Greek Finance Ministry said it expects the economy to contract 2.5% next year, after shrinking 5.5% in 2011, as a weakening economic outlook abroad adds to its domestic fiscal woes, according to an announcement.
(source: capital)
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