Even bleaker - EC prediction on Greek Economy!

All smiles about the debt were frozen since the message from Brussels is to tighten our budget even further.

The fall evaluation of the EU specialists that work the Greek case is more bleak than expected. According to new numbers, the deficit is 10,6% instead of the estimated 9,4%; all of next year’s calculations indicate that instead of 7,8%, it will reach 8%.

The public deficit will escalate from 140,2% of the GDP in 2010 to 156% in 2012.

In all new predictions given to the media today, the EC evaluates that Greece will return to a trajectory of economic growth in 2012. The economic slowdown will fall to -3% in 2011 and 2012 will be the first year of a positive growth of 1%.

Especially worrying for the Government are the predictions of the EU for unemployment rates that are calculated at 12,5% for this year and 155 for next year.

Inflation will drop from 4,6% in 2010 to 2,2% in 2011 and 0,5% in 2012.

All the above served as the central topics for discussion in the meeting of the Minister Of Finance Mr. Papakostantinou and the CEO of the Bank of Greece Mr. Provopoulos, as well as the President of the Greek Banks Union Mr. Vasilis Rapanos.