Greece does not return to growth until 2014, after four years of recession that have reduced the gross domestic product (GDP) by 17%, estimated Tuesday officials the European Union.
They added that Greece should cut another 150,000 jobs and reduce labor costs by 15% within three years.
"We believe that Greece will return to growth in 2014," said one of them to the press. "We expect a contraction of 4.5% this year and stagnate in 2013. This corresponds to a contraction of more than 17% over four years."
According to these officials, the Greek minimum wage is still higher than in Spain or Portugal. Labor costs increased by over 30% in Greece over the last decade, an unparalleled growth in the euro area, according to statistics from the European Union .
To reduce debt to 120% of GDP by 2020-in accordance with the agreement reached within the Eurogroup on the night of Monday to Tuesday, against 160% currently, Athens must raise 19 billion with 35 planned privatization from 2012 to 2014.
This amount is well below the anticipated 50 billion euros in the first bailout of 73 billion euros but it is included in the second.
The year 2014 would be if Greece would record a primary budget surplus of 4.5% of GDP and where she could return to capital markets, officials said officials.
Unemployment will start to decline until 2014 and also its rate will be the order of 17% and 15% in 2015.