Greece: Deal Desperately Needed

Greece: Deal Desperately Needed

ATHENS, Greece (AP) -- Greece's central bank is warning that the country would face an exit from the euro bloc and even the European Union if it fails to reach a deal with bailout creditors by the end of the month.

The Bank of Greece said Wednesday that Greeks would face a "deep recession (and) a dramatic decline in income levels" without an agreement.

The warning was made a day before a meeting of eurozone finance ministers. They will discuss how to reach a deal with Greece to get it more rescue loans by June 30 — when the country's bailout program runs out and Athens is scheduled to make a 1.6 billion euro ($1.8 billion) repayment to the International Monetary Fund.

The Bank of Greece issued its annual report Wednesday.