ATHENS: Greece will remain mired in recession in 2014 for a seventh straight year, and is likely to need more financial assistance, the OECD said yesterday, in contrast to forecasts by Athens.
The Organisation for Economic Cooperation and Development said the Greek economy would contract by 0.4 percent, and said Greece was likely to need additional aid. “The need for further assistance to achieve fiscal sustainability cannot be excluded,” the OECD said.
“If negative macroeconomic risks materialise...serious consideration should be given to further assistance to achieve debt sustainability,” it said.
Greece last week unveiled a budget in which it said the deep recession in the economy would end next year with 0.6 percent growth, following a 4.0-percent contraction in 2013.
But the budget was tabled without Athens having reached a full agreement with auditors from the International Monetary Fund, the European Central Bank and the European Commission.
AFP
