Bank of Greece: recession worse than expected
The Associated Press
Central bank governor George Provopoulos presents the annual report to the bank's annual general assembly in Athens, Tuesday, April 24, 2012. The Bank of Greece is forecasting a 5 percent contraction in the crisis-hit country's economy in 2012.
Tough conditions demanded for rescue loan deals have pushed Greece into a fifth year of recession and brewed widespread popular discontent. Some economists fear that politicians may be tempted to relax their focus on reforms after the elections.
"Domestic and overseas conditions do not allow for the slightest complacency or relaxation ... Full readiness is required the very day after the election campaign ends," central bank governor George Provopoulos told the bank's annual general assembly.
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