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Greece sticks with high growth target in 2017 budget

Associated Press Associated Press 21/11/2016

ATHENS, Greece — The Greek government says the country's economy is set to grow a decade-high rate of 2.7 percent next year despite maintaining high taxes linked to international bailout agreements.

The government stuck to its ambitious target in the 2017 budget, submitted to parliament Monday.

Following three international bailouts, Greece is slowly emerging from a multi-year recession that's seen the economy shrink by a quarter. The Greek government has penciled in a modest 0.3 percent contraction for this year.

Next year's advance is expected to reduce national debt from 180.3 percent of gross domestic product in 2016 to 176.5 percent — a figure still considered by the government to be unsustainably high.

Bailout officials from European Union institutions and the International Monetary Fund are in Athens to negotiate more cost-cutting measures.

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