“Greece’s economy will barely grow this month, and unemployment will be even higher than previously feared,” The Guardian reports.
That’s according to new forecasts from the Organisation for Economic Co-operation and Development this morning.
The OECD has adjusted its expectations downwards, given the events of recent months, The Guardian noted.
Greece has the highest unemployment rate in the Eurozone which hoovers above 25 percent (25.4 percentin February 2015).
The country may miss a deadline for a deal with creditors this week accelerating fears of an Athens default. “Officials in Athens are calling the latest developments “the most crucial day” since the anti-austerity government launched negotiations with creditors in February,” Helen Smith, The Guardian corespondent reports.
One insider told her:
“The struggle for an honourable compromise is far from over. There are still red lines. This is about the future of Greece.”
Is Greece likely to miss its payment to creditors on June 5th? So far the question remains open.