Greek euro exit would halve incomes, report warns - Yahoo! Finance

Greek bank warns euro exit would slash income, cause high inflation, unemployment

Greek euro exit would halve incomes, report warns - Yahoo! Finance


ATHENS, Greece (AP) -- An exit from the euro would see Greeks lose more than half their annual income and prompt a dramatic rise in unemployment and inflation, a report from the country's largest bank has warned.
The National Bank of Greece study was published Tuesday as Greece heads to new general elections on June 17, amid Europe-wide concern of broader financial turmoil if Greece's place in the single currency is threatened by a victory for an anti-austerity party.
"An exit from the euro would cause a significant drop in the living standards of Greek citizens — with a reduction of at least 55 percent in per capita income," the authors of the 17-page report wrote.