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BNP, Alpha warn of dire consequences

A Greek exit from the eurozone and a return to the drachma would mean a dramatic drop in the country’s gross domestic product by an estimated 20 percent, according to a report by BNP Paribas published on Thursday.

It also warned that inflation could soar to 40-50 percent, while public debt would climb to 200 percent of gross domestic product and create intense political unrest within the country.

BNP believes Greece’s creditors would stop funding the country should it fail to implement the reform program it has signed up to.

Similarly, an Alpha Bank report on Thursday warned of Greece losing the critical support of its fellow eurozone members and the International Monetary Fund, in which case the country would be forced into a disorderly default and the people would shoulder the cost of the disintegration of the main operating institutions of its economy.

ekathimerini.com , Thursday May 10, 2012 (23:01)  
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