The Parliamentary Budget Office released a report on the Greek economy for the period July-September underlying that the state risks entering into a deeper recession or long-term stagnation.

“In total, the moderately positive performance recorded in 2014 and during the first two quarters of 2015 has been reversed. The real danger is the country entering into deeper recession or a long-term stagnation” the report mentions while it refers especially to the return to recession, increasing of unemployment and the decline in exports.

“The implementation issues recorded (eg VAT rate in education,” red “loans, privatization, etc.) show that the economic philosophy of memorandum it is often questioned in practice leading to uncertainty, the report states.

The authors of the report argue that the main difference of the third memorandum in relation to the previous ones is that 56% of the program should be implemented until the end of 2015, while its basic similarity is that it includes horizontal measures such as increasing the VAT rate.