Greek GDP To Fall More Than 5.5% In 2011

Greek Prime Minister Lucas Papademos said Wednesday the country's recession in 2011 will be worse than the government forecast, with annual economic output seen contracting by more than 5.5%.

"Challenges faced by the Greek economy are massive. Greece has a short- and medium-term plan but time is against us," he told a conference, adding that he expects the economy to return to a growth path in 2013.

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