Greek PM sees economy starting to grow in 2 years

Associated Press + More

NICOSIA, Cyprus (AP) — Greece's prime minister says the crisis-hit country's economy could see growth of between 2.5 percent and 3 percent in two years' time.

Lucas Papademos said during an official visit to Cyprus on Thursday that current projections suggest Greece's economic output — or gross domestic product — will start rebounding from five straight years of recession in the second half of 2013.

Papademos said this will happen if the Greek authorities stick to reforms and take additional measures in support of economic activity.

Eurozone member Greece has avoided bankruptcy thanks to rescue loans from the European Union partners and the International Monetary Fund since May 2010. In return, the country imposed deep spending cuts, slashed pensions and salaries and raised taxes repeatedly.

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