European Union Latest News: Greek Outlook Bleaker Than Lenders Think, Local Think Tank Calculates

Wochit 1:04 mins

Greece's economy could shrink by as much as 5 percent this year, the Athens-based IOBE think tank said, revising down its previous projection and offering a more pessimistic forecast than the country's foreign lenders. Athens, which has been limping along on bailout funds since 2010, secured its latest lifeline from its European Union and International Monetary Fund lenders on Monday but was told it must keep its promises on cutting public sector jobs and on selling state assets to get all the cash. ... The European Union will soon begin sharing information on how bankers fare in 'fitness and probity' tests in member states, making it harder for errant bankers to evade regulatory scrutiny by crossing national borders China and Switzerland on Saturday signed a free trade agreement in Beijing - a move that came amid escalating tensions between Asia's economic giant and the European Union.

View Comments