Tags: EU | Greece | Financial | Crisis

Bank of Greece Sees Deep Recession in 2012

Monday, 19 Mar 2012 12:02 PM

 

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The Bank of Greece is predicting that the Greek economy will contract by 4.5 percent in 2012 and remain in mild recession next year.

In its annual report issued Monday, the central bank also predicted that unemployment would remain above 19 percent this year.

The gloomy predictions were made despite the coalition government successfully negotiating financial rescue deals with both its private creditors and emergency lenders from the eurozone and International Monetary Fund.


© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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