Greek economic output set to fall 2% in 2010

According to the Bank of Greece (BoG), economic output in 2010 will fall by 2% - a sharper pace of decline than the government's prediction of between 1.2% and 1.7%, reports the BBC. The central bank's annual monetary policy report said the country's economy was locked in a "vicious circle", with its deficit and debt in need of a "drastic reduction". The report also said the eurozone's recovery was fragile and underlined the need to gradually reverse stimulus measure which had led to large deficits. Last year, Greece's budget deficit was nearly four times the eurozone limit at 12.9...