Greek Prime Minister Antonis Samaras admitted today that the country's economy is expected to shrink by 7 per cent this year.
He also claimed that he would drag the country back to growth within 18 months, which was greeted with disbelief by some since a 7 per cent drop would bring the total fall in output to 20 per cent over the past five years.
Mr Samaras also insisted he would seek a deal with international bailout creditors "as soon as possible" to allow more time for cutbacks that are a condition of Greece's bailout loans.
Representatives of Greece's creditors started their inspection of the austerity programme today.
The inspectors from the EU, IMF and the European Central Bank are due in Athens today to start weeks of talks with ministers, which will form the basis of their next report on Greece's austerity programme. Further payments of bailout loans will depend on the report.
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