The Bank of Greece said in its monetary policy report on Wednesday that Greece's economy was expected to contract by 0.3% this year, after contracting by 0.5% in the first quarter. But the central bank expects the economy to rebound in the second half of the year due to the latest tranche from the bailout programme.

The Bank of Greece noted that that the country's creditors should lower their targets for primary budget surplus for 2018 to 2% from 3.5%.