Officials clash on further steps if Euro economy continues to weaken

Greece has revised its data on growth in 2013, showing the nation's economy contracted 3.3% for the whole year, compared to 3.9% slowdown previously thought. Moreover, the data also indicated that the recession in 2012 was less severe than estimated, with GDP shrinking 6.6% versus a previous -7.0%. Greece and Troika project the economy will finally emerge from a six-year recession and grow 0.6% this year. Elsewhere, the German government is seen cutting its economic growth outlook for 2014 and 2015. A person familiar with a matter said that the growth forecasts could be slashed to 1.25% for both years. Germany started the year on a strong footing; however, the downward revision is inevitable particularly following the 0.2% contraction in the second quarter and a plethora of poor fundamentals, including plunge in exports. Along with the German government, the IMF has also revised downwards its growth forecast for Europe's number one economy. The leading research body lowered its forecasts to 1.4% for 2014 and 1.5% for 2015, down from 1.9% and 1.7%, respectively. Meanwhile, European Central Bank President Mario Draghi and German Finance Minister Wolfgang Schaeuble disagreed on what further measures to unveil should the Euro bloc's economy keeps weakening. While Draghi pledged to loose monetary policy further if needed, Schaeuble warned against U.S.-style QE and called for continued budgetary discipline.