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Greece’s own central bank is warning the country will painfully crash out of the EU without a bailout

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Business Insider
June 17, 2015

Greece’s arm of the European Central Bank, the Bank of Greece (BoG), just released an explosive warning about what will happen if a deal isn’t reached on Greece’s bailout.

The central bank thinks Greece could face a “painful” default, an exit of the euro, an eventual exit of the European Union and soaring inflation.

The document, part of the Bank’s regular monetary policy report, will almost certainly add to Greece’s political firestorm. Yannis Stournaras, the governor of the BoG, was previously finance minister under New Democracy, the current government’s primary centre-right opponents.

What’s more, the Bank says some €30 billion ($33.82 billion, £21.48 billion) left the commercial banking system between October 2014 and April 2015, with confidence in the solvency of the financial system dwindling.

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This article was posted: Wednesday, June 17, 2015 at 6:02 am

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