Greece might leave the euro zone and the EU if the country does not reach an agreement with creditors, warns the Greek central bank.
- Failure to achieve an agreement, will mark the beginning of a painful path that will first lead to Greek default. Ultimately, the country will leave the eurozone and most likely also the EU, according to a statement from the central bank on Wednesday.
The bank warns of dramatic consequences in terms of deep economic decline, rapid declining revenues and soaring unemployment if an agreement is not established.
- That is why Greece's central bank is convinced that signing an agreement with our partners is a historical necessity that we can not afford to ignore, the Bank wrote in its annual report to the government and parliament.
The current loan agreement between Greece and international lenders in the EU and the International Monetary Fund (IMF) expires on 30 June. It is also the final deadline for Greece to pay 1.6 billion EUR in interest and repayments for an IMF loan - money that Greece do not have.
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