Greece’s alternate finance minister forecasts the economy will contract 6.5% this year and 3.8% in 2013. It’s incredible that Greece has been able to lower the deficit, given the pace of economic contraction. It illustrates the depth of the cuts. The alternate fin min also said the primary deficit through the end of September was 2B euros compared to 6.1B a year ago. He expects a primary surplus of 1% in 2013. (full story)