Greek Central Bank Warns of Exit from Euro Zone
Greece's central bank has warned for the first time that the country could be on a "painful course" towards default and exit from the Euro zone, BBC reports.
It comes as the Greek government and its international creditors blamed each other for failing to reach a deal over economic reforms.
That failure is holding up the release of EUR 7.2bn in bailout funds.
About EUR 30bn was withdrawn from Greek bank deposits between October and April, the central bank added.
The central bank also warned the country's economic slowdown would accelerate without a deal.
"Failure to reach an agreement would... mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country's exit from the euro area and, most likely, from the European Union," the Bank of Greece said in a report.