Monday September 22, 2014 Search
Weather | Athens
31o C
22o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
S&P's Kraemer gives Greece a one in three chance of leaving euro

There is a one in three chance that a future Greek government might decide to exit the euro zone, Standard and Poor's EMEA ratings chief said on Monday.

However, such a move would have extremely negative consequences and would likely deter other countries from following suit, he said.

Moritz Kraemer, head of sovereign ratings at S&P for Europe, the Middle East and Africa (EMEA), said Greece would not leave the euro zone under its current government and even if it did exit at some future date the euro zone was unlikely to break up.

"While we acknowledge that there is a non-trivial possibility of a government of Greece, some future government, almost certainly not the current one ... might decide that after all those efforts, after year after year after year of recession, falling living standards and rising unemployment, you might just try to break with what you've been trying for so long, Kraemer told a business conference in Tel Aviv.

Such a move would be a decision of the elected Greek government and not of policymakers in the core of Europe, some of whom have been speculating about it and even demanding that some countries exit the euro area if they do not play by the rules, he said.

"If such a scenario would happen and we give it a probability of around one in three, we believe that the consequences for Greece on the social, on the political and the economic spheres would be sufficiently negative, it would be very negative, actually it might be bordering on a humanitarian crisis, Kraemer said.

"Clearly leaving the euro area without financing on the balance of payments would create great hardship for the population of the country and we believe that if this were to happen ... the effect would be so negative that other countries would probably think twice about following."

[Reuters]

ekathimerini.com , Monday December 10, 2012 (12:29)  
New 10-euro note goes into circulation on Tuesday
European bonds rise as China, G-20 warnings curb scope for yield
Greek current account surplus shrinks in July
Investors snap up euro zone banks, exporters in ECB bet
Three more people arrested at Fyssas march bailed
The last of the 67 people arrested during disturbances at a march last week to mark the one-year anniversary of rapper Pavlos Fyssass murder were bailed yesterday. The three suspects were c...
FYROM official raises Vergina Sun flag on Mount Olympus peak
The vice president of the Former Yugoslav Republic of Macedonias (FYROM) Parliament, Antonio Milososki, has published a picture of himself and members of a group of climbers from Greeces n...
Inside News
SOCCER
Reds beat Veria to claim league lead
Olympiakos thumped hitherto Super League leader Veria 3-0 on Saturday to go alone on top of the table for the first time after four rounds of games. Four days after putting three past Atleti...
SOCCER
Triumph for PAOK, historic result for Asteras in Europa League
Greek teams produced a patchy record on the opening night of the Europa League group stage on Thursday, as PAOK thrashed Dynamo Minsk, Asteras Tripolis snatched a draw at Besiktas and Panath...
Inside Sports
COMMENTARY
Universities threatened by transfers
The problem arising from the abuse of the Greek university transfer system whereby some students are allowed to move to an institution of their choice instead of the one they were admitted...
EDITORIAL
Capital changes
A sizable part of the middle of the Greek capital has been slated to receive a significant makeover with the implementation of an urban restructuring project which includes turning a key cit...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Three more people arrested at Fyssas march bailed
2. FYROM official raises Vergina Sun flag on Mount Olympus peak
3. Three injured as coast guard catches two human traffickers in Aegean
4. New 10-euro note goes into circulation on Tuesday
5. European bonds rise as China, G-20 warnings curb scope for yield
6. Griveas and wife bailed over Hellenic Postbank loans
more news
Today
This Week
1. Alexander the Great's tomb not at Amphipolis, says Culture Minister
2. Euro touches 14-month low before Draghi testimony
3. Venizelos denies jihadis are being trained in Greece
4. Draghi effect subsiding leaves pressure building on ECB chief
5. Investors snap up euro zone banks, exporters in ECB bet
6. Civil servants' union calls new strike over evaluation
Today
This Week
1. Greece at bottom of social justice scale among EU28
2. Greece can meet its needs on its own
3. Central Athens traffic restrictions back in force on Monday
4. Lost in the fog
5. Record sum of new debts to the state in August
6. Democracy under Pressure | Live Streaming
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.