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Greek economy seen returning to growth next year

ATHENS, Greece – The Bank of Greece has backed international forecasts that Greece’s economy will return to growth next year and is urging bailout lenders to act swiftly to ease the country’s debt load.

In a report published Wednesday, the central bank said Greece is expected to emerge from a mild recession to grow 2.5 per cent next year — close to forecasts of 2.7 per cent growth made by the European Commission and the International Monetary Fund.

The report was published a day before the eurozone rescue fund is expected to approve new bailout loan installments worth 10.3 billion euros ($11.5 billion) for Greece.

The central bank also recommended a range of measures to ease Greece’s massive debt load. It says the creditors could exploit the “historically low global interest rates” to help Greece.

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