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GreekReporter.comGreek NewsEconomyCitibank Sees Greece Euro Exit by 2014

Citibank Sees Greece Euro Exit by 2014

Citibank reports that Greece will leave the Eurozone  by 2014. Citbank examined the reports of international financial institutions in a number of countries and said that it is now looks inevitable that Greece can not stay in the bloc of 17 countries using the euro because of its crushing economic crisis.

Citi claimed that ratings agencies Standard & Poor’s and Moody’s will not present any evaluation of Greece in the upcoming period and noted that the bank itself changed its initial estimate on the chances of the country leaving the Eurozone from 60 to 90 percent within the next 12-18 months.

Citi said Greece may yet benefit from being given more time to implement reforms and austerity in return for more bailout loans but noted that tax revenues are short of expectations because of a lingering recession worsened by pay cuts, tax hikes and slashed pensions imposed by the government in return for rescue monies.


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