ATHENS: Greece officials, scrambling to reach a bailout deal with international creditors, confirmed new fears of an economic slowdown, with an official announcement Wednesday that the economy had slipped back into recession.
Authorities say the Greek economy contracted by 0.2 percent in the first quarter of 2015, following modest growth through most of the previous year that pulled the country from a six-year depression.
European creditors are negotiating with Athens on terms of a final $8 billion bailout installment. Talks are deadlocked ahead of a June 30 final deadline over demands from the International Monetary Fund and the European Union for Athens to implement more economic reforms and budget cuts. After four months of negotiations, the two sides remain far apart on pension cuts, privatizations and retirement age proposals.
