The Greek recession this year could be much worse than expected, with the economy shrinking by “more than seven per cent,” Prime Minister Antonis Samaras said yesterday.

Our first goal is to stop the recession and start with recovery

The central bank has previously estimated that the economy, now in its fifth year of recession, would shrink by 4.5 per cent this year.

Samaras told conservative lawmakers that “our first goal is to stop the recession and start with recovery” as unemployment nears 24 per cent.

The premier said that within four years, unemployment “can be lowered to ten per cent,” stressing that Greece remained committed to the terms of two EU-IMF bailout packages despite delays.

“We need to make up for these delays fast,” Mr Samaras said. He then sharply criticised foreign officials who estimated that Greece will not be able to stay in the 17-nation eurozone.

“They undermine Greek efforts. We do what we can to get the country back on its feet and they do what they can for us to fail,” he claimed.

Auditors from the EU, International Monetary Fund and the European Central Bank returned to Athens yesterday to review progress made on the economic targets and reforms laid down in the country’s bailout programme.