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Bank of Greece Sees Recovery In 2014 If Reform Targets Met
The Greek economy is still in deep recession, but fiscal consolidation appears on track and the risk of exit from the Eurozone has been averted, Bank of Greece Governor George Provopoulos said Monday. In an introduction to a report on the Greek economy for the central bank's shareholders, Provopoulos predicted that domestic GDP would contract by 4.5% this year, slightly more than the -4.4% projection of the European Commission. Next year could bring a gradual improvement, he said. "We are now at a junction," he said. "For sure, 2013 will be a tough year, mainly due to the ongoing recession and high unemployment. ... (full story)
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