(MENAFN) Fears escalates for Greece's inevitable recession this year and next, as reports show that its economy will fall by 2.3 percent in 2015, and 1.3 percent next year.
Greece is plans to implement a debt rescue, but the austerity measures demanded by its creditors, will only hurt an economy which has contracted by a quarter since the crisis broke.
'It is a tough package really but the sacrifices are shared equitably,' EU sources said of the new 85 billion euro, three-year program which now is up for final approval by Greece's 18 Eurozone partners.
Source added 'As well as painful tax increases, spending cuts and economic reforms, the bailout also includes 'strong measures to support growth,' which will return at 2.7 percent in 2017 and 3.1 percent in 2018.
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