Speaking to the Wall Street Journal on Thursday, Alternate Finance Minister Christos Staikouras made the point succinctly. “The recession is estimated to be worse than 9 percent in the third quarter of 2012 and around 6.7 percent for the whole of 2012,” he said. «The most impressive element is that the medium-term plan projection, conducted a year earlier, spoke of a 1 percent growth rate for 2012. And instead of that, we’re looking at a recession of about 7 percent. This means that something has to change.”
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