December 6, 2011
The head of Greece's opposition New Democracy party—the man most likely the country's next prime minister—expects Greece's economy to shrink by more than 6% this year and the recession to linger through 2013.
In an interview, Antonis Samaras said that the country was also unlikely to meet its upwardly revised deficit target in 2011, underscoring Greece's difficulty in meeting the fiscal goals the country has promised its international creditors.
"This year again you will have a 10% deficit... and the recession will be greater than 6%," he said. "We are entering into a fifth year of recession and very possibly it will extend to a sixth year, that is a European record."
Despite almost two years of austerity measures and tough oversight from a troika of international inspectors from the European Commission, the International Monetary Fund and the European Central Bank, Greece has already admitted it won't meet its original deficit targets this year.
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