TNBiz (TNBiz)
Macroeconomics  |  July 07, 2012 18:33:46

Greece this year falls into a deeper recession than expected, he warned creditors Venizelos


ATHENS (MEDIAFAX) - Greece this year, according to the local former Finance Minister Evangelos Venizelos falls into a deeper recession when the economy drops by more than five percent envisaged in the official forecast. Informed the Reuters on Saturday.

Venizelos, who is leading the coalition of socialists, the deeper the recession warned on Saturday's meeting with representatives of the Troika, ie the representatives of the creditors from the European Union, International Monetary Fund (IMF) and European Central Bank (ECB).

Former finance minister also urged the trio to Greece gave more time to reduce the budget deficit below the limit for three years.

Inspectors of the European Union, the IMF and the ECB on Tuesday in Athens, where he checks the state of public finances and progress in meeting emergency conditions to which the Southern European countries in exchange for international commitmentfinancial assistance. It is expected that the audit inspectors will take weeks.

On Friday, Reuters said, citing unnamed in the HR area that Greece does not get another tranche of international financial assistance if the eurozone finance ministers confirmed that the country fulfills the agreed conditions. "It will be released next tranche to Greece until the Eurogroup (eurozone finance ministers - ed. Editors) confirms that it is implementing the program back on track," a source said on Friday Reuters.

The former Greek government before the recent parliamentary elections, said that the country could be the end of July with no cash reserves. Under the terms of the agreed loan rescue Greece should soon get more help in a volume of around one billion euros.

New Greek Deputy Finance Minister Christos Staikouras on Tuesday said that the Greek economy will fall by 6.7 percent, while the previous forecast allowed for a decrease of 4.5 percent.

Tomáš Králíček, kralicek@mediafax.cz

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