Greek Finance Ministry sources attributed the big divergence between the ministry’s forecasts of a 4.7 pct economic contraction in 2020 (basic scenario) and a 7.9 pct contraction (adverse scenario) with a 9.7 pct contraction forecast made by the European Commission on Wednesday to two reasons:
1. The European Commision makes different forecasts for the time of reopening the economy, and
2. It takes in view only part of the measures implemented and does not include the 7.0 billion euros liquidity offered by guarantee programs.