Greek Euro Exit Would Mean 55% Income Drop, National Bank Says

Greece’s exit from the euro currency would lead to an immediate and significant drop in living standards for Greeks, National Bank of Greece SA, the country’s biggest bank, said in a report published today.

Per-capita income would drop by at least 55 percent in euro terms as a new currency would depreciate by about 65 percent, according to the report, emailed from the bank today. The recession would deepen by about 22 percent at stable prices, adding to the 14 percent recorded in the 2009 to 2011 period, National said, while unemployment would jump to 34 percent and inflation rise to above 30 percent, pushed up by the higher cost of imported goods.

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