PM: Greece’s Recession will be less Acute than Expected this Year

Greece’s recession will be less acute than expected this year, the country’s prime minister said on Saturday, helping Athens meet the targets of two multi-billion-euro foreign bailouts keeping its economy afloat.

Greece’s European Union and International Monetary Fund lenders project the economy will shrink 4.2 percent this year after contracting 6.4 percent in 2012.

But Antonis Samaras said the 2013 slump would be “smaller than forecast.”

In a sign the country’s six-year recession may be bottoming out, data earlier this week showed Greece’s economy shrank 3.8 percent in the second quarter, helped by a rebound in tourism. That was the narrowest annual decline in nearly three years.

CNBC

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