Arab Today, arab today greece faces longer recession if cuts not delayed
Last Updated : GMT 07:17:28
Arab Today, arab today
Arab Today, arab today

Greece faces longer recession if cuts not delayed

Arab Today, arab today

Arab Today, arab today Greece faces longer recession if cuts not delayed

Athens - AFP

Greece faces a longer recession if the country is forced by EU peers to apply cuts worth 11.6 billion euros ($14.4 billion) over two years instead of four, a state-sponsored study said on Tuesday. \"In the case where the 11.6 billion euros in agreed government spending cuts are implemented (over) a two-year period, we adopt the hypothesis that the 2012 recession will continue in 2013 and 2014,\" the Center of Planning and Economic Research (KEPE) said in a bulletin. Greece has been seeking additional time to make the cuts, agreed to in return for loans from the EU, the IMF and the European Central Bank. \"In an alternative set-up where fiscal consolidation expands over a four-year horizon...recession is estimated at 1.8 percent in 2013 and nil in 2014,\" the center said. KEPE noted that in order to maintain an IMF target of debt-to-output ratio of 120 percent by 2020, Greece also needs lower the interest paid on its outstanding debt. And a planned recapitalisation of Greek banks would also have to be financed directly through EU rescue funds -- a method likely to be applied in Spain -- so as not to further burden the Greek public debt, the study argues. Rejecting any fiscal adjustment extension, international creditors have been demanding that Athens catch up with time lost earlier this year when back-to-back elections were held, placing the reform drive on standstill. The Greek cuts package was originally to have been adopted in June, and a privatisation push calculated to earn 19 billion euros by 2015 is also behind schedule. It is now expected to be finalised next week, shortly after the arrival on Friday of senior auditors from the so-called troika of creditors. German Finance Minister Wolfgang Schaeuble insisted Tuesday that Greece must stick to its reform promises to unlock bailout cash the debt-wracked country needs to stave off default and stay in the eurozone. A positive report from the \'troika\' is essential for Greece to get the next 31.5-billion-euro installment of funds to keep it afloat.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greece faces longer recession if cuts not delayed Arab Today, arab today greece faces longer recession if cuts not delayed

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today At least 14 killed in Philippine bus crash

GMT 06:58 2017 Tuesday ,21 February

At least 14 killed in Philippine bus crash
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 14:57 2017 Monday ,20 February

A giant initial public offering on track

GMT 14:50 2017 Monday ,20 February

Energy Market Research

GMT 09:38 2017 Monday ,20 February

Japan returns to trade deficit in January

GMT 07:16 2017 Monday ,20 February

Global arms trade highest since Cold War

GMT 06:10 2017 Monday ,20 February

Tourism shows signs of recovery in Egypt

GMT 05:45 2017 Monday ,20 February

Brexit U-turn ruled out by many in EU
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday