Update: Bank Of Greece: 2012 GDP Drop Worse Than Expected

From Deutsche-Boerse:

ATHENS (MNI) – Greece is facing yet another year of sharp recession with GDP expected to contract by as much as 5% in 2012, higher than previously forecast, the Bank of Greece said in a report released today. The central bank said the recession would weigh on the ability of Athens to meet its fiscal targets. The forecast is being revised only three weeks after the central bank’s monetary policy report had said the economy would contract by 4.5% this year. Greece has been in recession since 2008, and its GDP contracted by a debilitating 6.9% last year.

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