Worse recession
April 25, 2012, Wednesday
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Print Edition
Print Edition
THE Bank of Greece yesterday warned the country faces a worse-than-expected recession in 2012, with the economy set to shrink 5 percent, and urged politicians to return swiftly to cost-cutting measures after the May 6 general election.
Tough conditions demanded for rescue loan deals have pushed Greece into a fifth year of slump and brewed widespread discontent. Some economists fear that politicians may be tempted to relax their focus on reforms after the polls.
"Domestic and overseas conditions do not allow for the slightest complacency or relaxation," central bank Governor George Provopoulos told the bank's annual general assembly. "Full readiness is required the very day after the election campaign ends."
Tough conditions demanded for rescue loan deals have pushed Greece into a fifth year of slump and brewed widespread discontent. Some economists fear that politicians may be tempted to relax their focus on reforms after the polls.
"Domestic and overseas conditions do not allow for the slightest complacency or relaxation," central bank Governor George Provopoulos told the bank's annual general assembly. "Full readiness is required the very day after the election campaign ends."
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