Greek economy to shrink 5%

Greece will have to cope with an even deeper recession than expected in 2012, according to the country’s central bank. In a revision to its previous estimate a month ago, it suggested on the 24 April 2012 that Greece will find it even harder to meet its fiscal targets, meaning yet more pain for the population.

Kathimerini reported that an unusually political message emerged from the annual report of Bank of Greece (BoG) Governor Giorgos Provopoulos on the 24 April 2012, as in the context of revised forecasts for a greater recession and increased unemployment he called on society and political forces in Greece to decide whether they want the country to stay in the eurozone by applying the agreement with Greece’s creditors, or drop out and slide back decades.

ESO: Background information: The Greek debt crisis of 2010 http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/

Bank of Greece: Press Release, 24.4.12: Speech by Bank of Greece Governor George A. Provopoulos at the 79th Annual Meeting of Shareholders: The strategy for the Greek economy's exit fro the crisis: What is at stake? http://www.bankofgreece.gr/Pages/en/Bank/News/Speeches/DispItem.aspx?Item_ID=269&List_ID=b2e9402e-db05-4166-9f09-e1b26a1c6f1b

Kathimerini, 24.4.12: Provopoulos calling for consensus http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_25428_24/04/2012_439171

Deutsche Welle, 24.4.12: Greek economy is likely to contract beyond forecasts http://www.dw.de/dw/article/0,,15907105,00.html

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