Troika expects Greek economy to shrink by 5pct next year, source says

The European Commission, European Central Bank and International Monetary Fund troika expect Greece’s economy to contract by 5 percent next year, more than the government’s 3.8 percent forecast, a senior finance ministry official said on Wednesday.

“There is disagreement on the macroeconomic scenario, we project a recession near 4 percent, they (troika) at 5 percent,”

said the official who declined to be named.

He said both sides were still trying to find common ground on 2.5 billion euros worth of austerity measures to be applied next year.

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