Describing Greece’s economy as being in a “vicious circle”, the Bank of Greece predicted that the country’s economy will contract at a greater rate, and to a larger degree, than the government has projected.
“The Greek economy has fallen into a vicious circle with only one way out: the drastic reduction of the deficit and debt,” the Bank’s annual monetary policy report says.
The report was released prior to the upcoming European Union where it is expected the topic of emergency funding for Greece will take center stage. Last week, Greece hinted that it could turn to the International Monetary Fund for assistance if a favorable deal with the EU government is not imminent.
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