ATHENS: The Greece central bank has warned that failure to reach a bailout deal with its international creditors will result in recession, decline in income levels, and possibly even a withdrawal from the eurozone.
The central bank issued its statement Wednesday, a day before eurozone finance ministers meet to discuss how to get more emergency funds to Greece by June 30, when Athens is obligated to make a $1.8 billion repayment to the International Monetary Fund.
In its statement Wednesday the bank said a default on that payment could set off a chain of events that might even lead to Greece dropping out of the common European currency used by 18 of its neighbors.
On Sunday, economic reform talks with international lenders in Brussels collapsed, leaving Greece closer than ever to default.
