Greek economy worse than previous estimates

 
Greek economy worse than previous estimates
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The Greek economy shrank by 1.1 percent from the fourth quarter of 2015 to the fourth quarter last year. Earlier estimates showed a decline of 0.4 percent.

The new figures were put forward by Greece's statistical office Monday. The revised figures not only show a far greater decline on an annual basis, but also that GDP shrank by 1.2 percent from the third to the fourth quarter last year.

This means that Greece last year was in recession for the eighth consecutive year.

Greece is now in new negotiations with its creditors in order to get a new disbursement of the emergency loan before installments of the country's enormous debt is due in July.

The EU and International Monetary Fund (IMF) has long been on a collision course when it comes to whether Greece needs debt relief to generate economic growth so that the debt can be repaid. As long as the Greek economy is in deficit, the debt is growing.

The IMF states that the EU's plan for Greece is too ambitious, but the other countries in the eurozone support the plan. IMF requires higher taxes and pension cuts before it will lend more money to Greece, which the Greek government opposes.

READ: Rothschild takes over Greece's finances

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