Study: Greeks would lose if out of euro

Abandoning the euro would cause Greeks to lose more than half their annual income and prompt a major rise in unemployment and inflation, a report from the National Bank of Greece found. “An exit from the euro would cause a significant drop in the living standards of Greek citizens — with a reduction of at least 55% in per capita income,” the report said. . . . Retail sales in Spain were off 9.8% in April compared with last year as the country deals with a 24.4% jobless rate, the National Statistics Institute said. Also, the Bank of Spain predicts the economy will continue to contract at least until the end of June.