Greek economy seen contracting less this year

November 21, 2013

ATHENS, Greece (AP) — Greece's deputy finance minister says the economy is projected to contract by 4 percent this year, slightly less than the originally expected 4.5 percent.

Christos Staikouras says the improved figure was the result of "tough sacrifices made by the Greek people." He spoke Thursday as he presented the 2014 draft budget submitted to Parliament moments earlier by Finance Minister Yannis Stournaras.

The government submitted the budget despite still not having an agreement with international debt inspectors on what measures must be taken next year to meet bailout requirements.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

Greece's government submitted its 2014 budget to Parliament despite still not having reached a deal with international creditors on what austerity measures need to be taken next year.

Yannis Stournaras submitted the budget to Parliament Thursday morning.

Debt inspectors from the International Monetary Fund, European Commission and European Central Bank, collectively known as the troika, have been at odds with the government over a series of measures, including home foreclosures. The troika representatives were leaving the country Thursday, and are to return in December.

Greece has been dependent on billions of euros in rescue loans from other European countries and the IMF since May 2010. In return, the country has had to drastically reform its finances and impose a series of austerity measures.