Arab Today, arab today greek pm warns economy to shrink by more than 55 in 2011
Last Updated : GMT 10:03:25
Arab Today, arab today
Arab Today, arab today

Greek PM warns economy to shrink by more than 5.5% in 2011

Arab Today, arab today

Arab Today, arab today Greek PM warns economy to shrink by more than 5.5% in 2011

Athens - AFP

Greece will chalk up its worst-ever recession this year, Prime Minister Lucas Papademos warned on Wednesday, with the contraction in the eurozone member to be greater than the 5.5 percent forecast. \"2011 will be the worst recession here ever\" with gross domestic product (GDP) contracting by \"over 5.5 percent\" as the government has officially forecast, Papademos said at a dinner organised by the American-Greek Chamber of Commerce. Greece\'s economy shrank by 4.5 percent in 2010, but the austerity measures demanded by its international creditors for Greece to get a handle on its massive deficit and debt have sent the economy into an even deeper recession. \"We have a hard way to go,\" said Papademos in his first public comments on the issue after being nominated to head a coalition government on November 11. He said the priorities of his government would be \"reform of the public administration,\" a \"radical overhaul of the tax collection mechanism\", fighting tax cheats and speeding up privatisation. Papademos said a European decision to install tough new fiscal rules will help \"avert a recurrence of fiscal deficits that led us to this crisis.\" \"In 2012, private funds expected to be invested would be at least of 9 billion euros,\" he added. The head of the IMF mission in Greece, Poul Thomsen, said earlier Wednesday that the Greek economy will go down \"six percent and maybe more\" in 2011. The public deficit was likely to come in at around 10 percent of GDP rather than the target of 9.0 percent of gross domestic product. Greece has slashed spending and hiked taxes as it tries to bring down its deficit under a 2010 bailout deal with the International Monetary Fund and European Union that includes 110 billion euros ($142 billion) in rescue loans. A second deal with the eurozone agreed in October aims to shave 100 billion euros off its massive debt mountain of 350 billion euros via a voluntary write-down in the value of bonds held by private creditors. It should also get another 100 billion euros in loans and 30 billion euros in help for its banks under the eurozone deal. The IMF\'s Thomsen said earlier Greece cannot raise taxes further and must make dramatic cuts in public sector employment in order to reduce its massive budget deficit. ek government has preferred to raise taxes to slashing employment as it seeks to meet the deficit reduction targets agreed with the IMF and EU. However Thomsen said that policy has \"clearly reached the limit\" as tax hikes are falling on a limited number of taxpayers. Greece has agreed to temporarily lay off 30,000 state workers by the end of the year, but a newspaper reported last week that the scheme was progressing slowly with many choosing to retire early, costing the state even more money. Thomsen said Greece needs to \"address the taboos\" about cutting jobs otherwise the public deficit risks remaining stuck at around the 10 percent of GDP  

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 greek pm warns economy to shrink by more than 55 in 2011 Arab Today, arab today greek pm warns economy to shrink by more than 55 in 2011

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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