Greek Central Bank, Recession at 5.8% in 2011

The recession in Greece could exceed 5.5% in 2011, according to Greece’s Central Bank President Giorgos Provopoulos. ”I am afraid,” said Provopoulos in speaking at the Economic Affairs Commission in Parliament, ”that it will reach 5.8%.”
The central bank president said that the more negative figure was due to the lack of the determination necessary to implement economic recovery, associated with the lack of reduction in public spending.
Provopoulos also spoke of the situation as concerns Greek banks, saying that in 2010 bank deposits dropped by 28 billion euros, and by 26.2 billion only in the first nine months of 2011. The president of Greece’s central bank said that it would be enough to eliminate tax evasion and the non-payment of employment contributions – a major problem for Greece – to cover the state deficit.