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World

Greek prime minister to hold key ministerial meeting as data confirm economy back in recession

Associated Press
Published | Updated
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    Greek Prime Minister Alexis Tsipras arrives at a cabinet meeting in central Athens, on Tuesday, May 12, 2015. Officials say Greece has completed a 757 million euro ($844 million) debt payment to the International Monetary Fund, despite an acute cash shortage that could come to a head within the next two weeks. (AP Photo/Petros Giannakouris) (The Associated Press)

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    A street vendor collects his clothes outside the shutters of a shop in central Athens, early Wednesday, May 13, 2015. Greece, which is in the midst of protracted bailout talks with creditors, is now officially in recession again according to data released Wednesday, less than a year after it emerged from a six-year depression. (AP Photo/Petros Giannakouris) (The Associated Press)

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    A woman walks in front of a house as a Greek flag flies atop the Acropolis hill of Athens, Wednesday May 13, 2015. Greece, which is in the midst of protracted bailout talks with creditors, is now officially in recession again according to data released Wednesday, less than a year after it emerged from a six-year depression. (AP Photo/Petros Giannakouris) (The Associated Press)

ATHENS, Greece – Greece's prime minister will chair his second ministerial meeting in two days, as official data confirm the cash-strapped country's economy is back in recession amid concern over much-delayed bailout talks with international creditors.

Alexis Tsipras has said his radical left-led government has done as much as it can to strike a deal to get more bailout loans, insisting the ball is now in the court of the creditors.

At stake is a 7.2 billion euro rescue loan installment, and failure to reach an agreement could lead Greece to default on its obligations within weeks — triggering a chain of events that could force the country to leave the euro.

Nevertheless, Greek stocks were 1.2 percent higher in afternoon trading Wednesday, with analysts saying the economic contraction was smaller than expected.