The budget report of Greece released on Monday showed that the debt-mired economy will contract 5.5% this year and 2.5% in 2012. Budget deficit is predicted to mushroom to 172.7% of GDP, above previous forecasts of 161.8%, whereas unemployment will probably surge to 15.2% in 2011 while to continue rising to 16.4% next year.

The report figures came after Greece had mentioned that it would miss budget targets of 6.5% this year and in the wake of delay of the disbursement of the sixth tranche of last year's bailout package till mid October.

International inspectors will write their assessment regarding the Greek commitment to cut deficit on Wednesday after checking some figures.