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Greece's central bank says deal with lenders needed by end of month to avoid 'dramatic' crisis

  • Greece's Prime Minister Alexis Tsipras makes his way to welcome visiting Austrian Chancellor Werner Faymann in Athens, Greece, on Wednesday, June 17, 2015. Athens must pay 1.6 billion euros ($1.8 billion) off its debts at the end of the month to avoid a possible default and secure its cherished place among the 19 countries using the single currency for a little longer.(AP Photo/Yorgos Karahalis)

    Greece's Prime Minister Alexis Tsipras makes his way to welcome visiting Austrian Chancellor Werner Faymann in Athens, Greece, on Wednesday, June 17, 2015. Athens must pay 1.6 billion euros ($1.8 billion) off its debts at the end of the month to avoid a possible default and secure its cherished place among the 19 countries using the single currency for a little longer.(AP Photo/Yorgos Karahalis)  (The Associated Press)

  • People read newspapers' front pages at a kiosk in Athens, Greece, on Wednesday, June 17, 2015. Athens must pay 1.6 billion euros ($1.8 billion) off its debts at the end of the month to avoid a possible default and secure its cherished place among the 19 countries using the single euro currency.(AP Photo/Yorgos Karahalis)

    People read newspapers' front pages at a kiosk in Athens, Greece, on Wednesday, June 17, 2015. Athens must pay 1.6 billion euros ($1.8 billion) off its debts at the end of the month to avoid a possible default and secure its cherished place among the 19 countries using the single euro currency.(AP Photo/Yorgos Karahalis)  (The Associated Press)

  • Greece's Prime Minister Alexis Tsipras listens to visiting Austrian Chancellor Werner Faymann in Athens, Greece, on Wednesday, June 17, 2015. Athens must pay 1.6 billion euros ($1.8 billion) off its debts at the end of the month to avoid a possible default and secure its cherished place among the 19 countries using the euro single currency.(AP Photo/Yorgos Karahalis)

    Greece's Prime Minister Alexis Tsipras listens to visiting Austrian Chancellor Werner Faymann in Athens, Greece, on Wednesday, June 17, 2015. Athens must pay 1.6 billion euros ($1.8 billion) off its debts at the end of the month to avoid a possible default and secure its cherished place among the 19 countries using the euro single currency.(AP Photo/Yorgos Karahalis)  (The Associated Press)

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.