The Organisation for Economic Cooperation and Development (OECD) released yesterday its Economic Outlook 2011, which forecasts that global recovery is firmly under way but is taking place at different speeds across countries and regions, and it is surrounded by downside risks.

According to the report, Greece’s economy will return to growth in 2012, emerging from a three-year recession, in a recovery that remains "fraught with risks."

After contracting 2.9 % this year, the Greek economy will expand 0.6 % next year, while the deficit will decline to 7.5% of GDP this year.