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World

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

Associated Press
Published | Updated
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    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)

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    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)

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    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)

ATHENS, Greece – 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.