Greece economy in sharp downturn over past 3 months: EU

Greece's economy suffered an alarming slump in the first three months of 2015, the European Commission said on Tuesday, in a dangerous development as Athens continues to battle its EU-IMF creditors. 

PHOTO: REUTERS

5 May5:11 PM

[BRUSSELS] Greece's economy suffered an alarming slump in the first three months of 2015, the European Commission said on Tuesday, in a dangerous development as Athens continues to battle its EU-IMF creditors.

In its Spring forecasts, the EU executive slashed its overall 2015 growth forecast for Greece to 0.5 per cent, a huge reduction from its earlier prediction of 2.5 per cent.

AFP