Sunday April 26, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
One-in-three chance of euro exit, says S&P

Credit rating agency Standard and Poor's said on Monday that it sees «at least» a one-in-three chance of Greece exiting the eurozone in the coming months, an outcome which could lead the financially fragile country to another sovereign default.

"This could be brought about by Greece rejecting the reforms demanded by the troika -- the European Commission, International Monetary Fund and European Central Bank -- and a consequent suspension of external financial support,» S&P said in a statement accompanying a new report.

"Such an outcome would, in our view, seriously damage Greece's economy and fiscal position in the medium term and most likely lead to another Greek sovereign default,» it said.

But the impact of a Greek exit on other fiscally weak eurozone countries could be less clear cut, S&P said, with other sovereigns unlikely to follow Greece out of the monetary union.

"We believe that the hardships the Greek population would suffer were Greece to exit would dissuade any other member state from following suit,» S&P said in the report.

The rating agency added that «it is our base-case assumption that a Greek exit by itself would not automatically trigger further downward sovereign rating actions elsewhere. Much will depend, however, on the European policy reaction following a Greek exit."

The S&P report came a day before finance chiefs of the Group of Seven leading industrialized powers are to hold emergency talks on the eurozone debt crisis in a sign of heightened global alarm about strains in the 17-member European currency area.

Global markets have been rattled by new signs of strain in the eurozone including political turmoil in Greece as austerity fatigue sets in among voters who are rejecting a push for yet more belt tightening. [Reuters]

ekathimerini.com , Tuesday June 5, 2012 (09:23)  
Construction material costs slide anew
Navios taps German shipping opportunities
Gov’t eyes state company reserves
Thessaly stores likely to remain closed on first Sunday of spring sales
Greek tax officers turn to small debtors for cash
As the country’s finances reach a critical point, tax authorities have started seizing the deposits of small debtors, Kathimerini understands. No figures were available regarding the new cra...
As European officials hint at ‘plan B,’ pressure grows on gov’t to compromise
As a deal between Greece and its creditors appears far from imminent, concerns mounted over the weekend over the country’s finances and its prospects within the eurozone as a US Federal Rese...
Inside News
WATER POLO
Olympiakos wins Euro crown in women´s water polo
The women’s water polo team of Olympiakos won its first ever LEN Euro League at the Final Four it hosted in Piraeus by beating holder Sabadell from Spain 10-9 in Saturday’s final. After defe...
SOCCER
Rival soccer fan clashes leave man stabbed
One man was stabbed and several others slightly injured as rival Thessaloniki club fans clashed late on Friday at an event held by Aris supporters. Reports from Greece’s second city stated t...
Inside Sports
COMMENTARY
Five years ago
This week marks five years since Greece officially entered a period of crisis when then Prime Minister George Papandreou announced that the country would seek a bailout from the eurozone and...
EDITORIAL
Slippery slope
The extremely divisive language that is currently being used by parliamentary deputies and coalition ministers is both unacceptable and dangerous. It is high time that the tired, old argumen...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Olympiakos wins Euro crown in women´s water polo
2. Greek tax officers turn to small debtors for cash
3. As European officials hint at ‘plan B,’ pressure grows on gov’t to compromise
4. FM warns against a lose-lose situation [Update]
5. PM tries to appease mayors, regional governors over cash bill
6. Border checks aim to stop jihadists
more news
Today
This Week
1. Five years ago
2. PM tries to appease mayors, regional governors over cash bill
3. Poll: Large majority of Greeks want compromise with lenders
4. FM warns against a lose-lose situation [Update]
5. Greece not playing a game of chicken on debt
6. Slippery slope
Today
This Week
1. Greek government's popularity takes a hit as talks drag on
2. It's up to the Greek government to ensure deal with lenders, says ECB's Coeure
3. Europe's collision course with Greece
4. Leaving the past in the past
5. Denialism
6. The price of compromise
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.