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The Commission laid out the prospect of another grim year ahead. It's forecasting a 4.7 percent economic contraction in Greece to follow 2011's 6.9 percent. However, it said the Greek economy should flatline after that on the assumption of unchanged policies. With a second round of elections appearing likely in Greece next month, there are concerns that the country may not meet its commitments to international creditors and that its bailout may be halted, putting its future in the euro under severe threat. Greece has enacted a raft of austerity measures over the past few years in the hope of getting a handle on its borrowings. Some progress is being made on the public finances front but the country is still in a parlous situation. The Commission predicts that the Greek budget deficit will narrow to 7.3 percent of national income this year. Though down from last year's 9.1 percent, the level of borrowing is still double the 3 percent limit that was supposedly enshrined in euro membership.
[Associated
Press;
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