Greece recession likely to worsen

Greece's recession looks likely to worsen significantly, although the extent is difficult to gauge with any precision. 

"GDP is projected to -2.1% and -1.1% for 2015 and 2016, respectively (from -0.6/-0.1%), mostly as a result of large revisions in H2 15, with downside risks", says Barclays. 

Net exports are likely to only partially offset extreme recessionary domestic demand. 

"At the end of 2016, domestic demand is expected to be 35% lower than at its peak in Q1 08 (private consumption: -25%; investment: -70%)", added Barclays.