News Summary: Greece gets gloomy economic forecast

News Summary: Bank of Greece predicts 4.6 percent economic contraction in 2013

Associated Press
News Summary: Greece gets gloomy economic forecast
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An elderly man walks past a kiosk selling towels printed with high-denomination euro banknotes and the map of Greece in central Athens, Wednesday, May 29, 2013. Greece's central bank says the economy is likely to contract by a further 4.6 percent in 2013 with unemployment set to reach 28 percent. The Bank of Greece's estimate, issued in a report published Wednesday, is worse than the 4.2 percent contraction predicted by the government and the country's rescue lenders. (AP Photo/Thanassis Stavrakis)

NO RELIEF: Greece's central bank warned Wednesday that unemployment and the recession are likely to be worse than expected this year. Greece has been in recession since late 2008.

FORECAST: The Bank of Greece said the economy is likely to contract by 4.6 percent in 2013 with unemployment set to reach 28 percent. The latest forecast from the government and the country's rescue lenders was for a 4.2 percent contraction and 26.6 percent jobless rate.

HIGH HOPES: But that is better than economic contractions estimated at 6.4 percent in 2012 and 7.1 percent in 2011. The conservative-led government has promised an end to recession next year.

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