Large gap between forecasts

The European Commission's forecast for a 9.7 percent economic contraction in Greece is not only the biggest among all eurozone members, but also considerably more pessimistic than the official forecast by the government - which Athens attributes to Brussels not factoring in Greece's relief measures.

The coronavirus is hurting the Greek economy more than any other in the eurozone, where the recession is projected to average 7.7 percent in 2020 according to the Commission's spring forecasts. This is due to Greece's major dependence on tourism and the operation of many small and vulnerable enterprises.

The good news from Brussels is that Wednesday's forecasts also speak of a significant rebound for the Greek economy in 2021, by 7.9 percent, which is more than any other country in the bloc.

The baseline scenario of the Greek Finance Ministry, submitted to Brussels...