The Greek thin tank, the Foundation for Economic and Industrial Research (IOBE), said its quarterly report on Thursday that the Greek economy contracted by about 0.5% in 2015, less than previously expected (October estimate: -1.5% to -2.0%).

"If the bailout review closes relatively quickly, the economy may turn to positive rates around mid-year, meaning this would contain the recession, which we estimate around 1.0 to 1.5 per cent for the year as a whole," IOBE chief Nikos Vettas said.