EU makes dramatic revision to economic forecasts, sees recession of 2-4 pct this year

Economy
Photo by MacroPolis
Photo by MacroPolis

The European Commission (EC) published on Wednesday its assessment following the official Greek request for a 3-year loan from the European Stability Mechanism (ESM).

In specific, a primary deficit of zero to 1 percent is now projected for 2015, a primary balance of 1 to 0.5 percent in 2016 and a primary surplus of 2.25 to 2 percent in 2016. However, the primary surplus target of 3.5 percent as of 2018 remains unchan...

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