IMF cuts Greece forecast but sees bondholder deal
The International Monetary Fund (IMF) said on Tuesday it anticipates a deeper recession for Greece through 2012, but expressed optimism for a deal with private bondholders to help make the country's debt more sustainable.
December 14, 2011 11:02 by Reuters
The Fund said that a growth inflection point expected in late 2011 has not materialized, so Greece’s 2011 GDP will contract 6 percent for 2011 from a previous forecast for a 5.5 per cent decline. For 2012, it revised GDP growth to a 3 percent contraction from a 2.75 percent decline. (Reporting by David Lawder; Editing by Andrea Ricci)