ECB/EC report predicts a 4% rate of recession for 2015

The European Commission and European Central Bank issued a report on the Greek economy and predict that there will be a 2%…

The European Commission and European Central Bank issued a report on the Greek economy and predict that there will be a 2% to 4% rate of recession for 2015 and a 0.5% to 1.7% rate for 2016.

The report, which was conducted for the Greek government’s request for a loan from the ESM, also shows that the primary deficit in the state budget will be up to 1%.

Finally, the report indicates that the Greek public debt is not sustainable and in need of a reprofiling. This, according to the report, can be achieved by greatly extending maturities on old and new loans, reducing interest rates

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