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'' The minister noted a significant worsening in many sectors of the Greek economy and mostly an expected shrinking of the GDP by 1.5 pct this year, a recorded 20-pct decrease in investments, a 15-pct decline in tourism and a 20-pct drop in shipping revenue.
Papaconstantinou also told his Eurozone counterparts that the country's fiscal deficit would reach 12.5 pct of GDP this year and attributed this large deviation of fiscal data to three reasons: a negative economic conjecture; overestimating revenues, excessive public spending and a collapse of tax collection mechanisms and, finally, what he called the "hiding" of significant figures.''
'' Nevertheless, the EU on Monday expressed its "concerns" over the condition of the Greek economy. Speaking to reporters after a Eurogroup meeting in Luxembourg, Juncker, Almunia and Trichet expressed their concerns over developments in the Greek economy and over a complete - as they stressed - rejection of all statistics presented by the previous government.
Commenting on a Greek request for more time to bring its fiscal deficit to 3.0 pct of GDP, the trio said the matter would be discussed in an EU summit in December.''
ECOFIN briefed on Greek econ..
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