The ongoing Greek debt crisis has been taking a toll on the eurozone's economic growth, Markit said on Wednesday. The composite purchasing managers' index for the region fell to 53.6 in May, from 53.9 in April, with growth in both output and new businesses slowing to three-month lows. The uncertainty over Greece's future is acting as a brake on growth, though continued high unemployment is also playing a part, said Chris Williamson, chief economist at Markit, in a release. "Any escalation of the Greek crisis could rapidly derail the recovery," he said. Greek Prime Minister Alexis Tsipras travels to Brussels on Wednesday to present his country's latest reform proposal. Meanwhile, the group of international lenders will put their own plan to the Greek leader. It is seen as a take-it-or-leave-it plan in order for Greece to receive the next portion of bailout cash.
Copyright © 2015 MarketWatch, Inc.
Continue Reading Below