Bank of Greece predicts Greece's economy will contract by 4.5% in 2012, will remain in mild recession in 2013; jobless rate expected to remain above 19% this year

Cindy Allen

Cindy Allen

ATHENS, Greece , March 19, 2012 () – The Bank of Greece is predicting that the Greek economy will contract by 4.5 percent in 2012 and remain in mild recession next year.

In its annual report issued Monday, the central bank also predicted that unemployment would remain above 19 percent this year.

The gloomy predictions were made despite the coalition government successfully negotiating financial rescue deals with both its private creditors and emergency lenders from the eurozone and International Monetary Fund.

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