Recession ‘worse in rest of eurozone’

Economy and Finance Minister Yiannis Papathanassiou said on his way out of the prime minister’s office yesterday that although Greece is set to fare better than its eurozone peers in terms of growth and unemployment, it is still affected by the serious deterioration resulting from the economic crisis. ‘The European Commission forecasts for all European Union countries are much worse than those made three months ago. We will see a negative rate of growth of 4 percent in the eurozone, with over 8 million people losing their jobs in 2010. We are determined to make the necessary structural changes and reforms to take the country out of the crisis with the least possible consequences,’ he said after informing the Inner Cabinet on the recent Ecofin meeting.