Saturday March 28, 2015 Search
Weather | Athens
14o C
09o 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)  
Fitch downgrades Greece amid bailout uncertainty
Bank accounts continue to bleed
Hania and Athens are the top picks for Easter visitors
Landlords to pay tax on unpaid rent
Defense minister Kammenos sues commentator for 1 mln euros
Defense Minister Panos Kammenos has sued commentator Andreas Petroulakis for 1 million euros in damages over a critical article posted on the Protagon website on March 17. In a statement pos...
Reform talks move to Brussels
The Brussels Group, technical teams from Greece and its lenders, is on Saturday due to begin discussing the details of Athens reform proposals, which were completed Friday and will determine...
Inside News
BASKETBALL
Greens live dangerously in Istanbul
Panathinaikos played with fire in Istanbul, but still managed to beat Galatasaray 86-84 on Friday and climb to the third sport of its group two games before the end of the Euroleague top-16....
SOCCER
Greek federation backs injured Holebas
The Greek soccer federation on Friday insisted that international defender Jose Holebas had been dropped from team training in Austria because of injury and not for any other reason. Media r...
Inside Sports
COMMENTARY
Time to get moving
More than two months have passed since the elections and the government has to stop running around in circles and adopt a program of specific reforms, with detailed calculations as to their ...
EDITORIAL
The same old story
One of those infamously bad practices that the political system has been accused of for years is being propagated by the new government today, as it is appointing party cadres and politician...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Fitch downgrades Greece amid bailout uncertainty
2. Greens live dangerously in Istanbul
3. Bank accounts continue to bleed
4. Hania and Athens are the top picks for Easter visitors
5. Landlords to pay tax on unpaid rent
6. Air arrivals grow 20 pct in Jan-Feb 2015
more news
Today
This Week
1. Fitch downgrades Greece amid bailout uncertainty
2. Greek future as trade hub in limbo amid Syriza split on railways
3. Greek gov't denies finance minister Varoufakis to resign [Update]
4. Bundesbank's Weidmann says euro zone debt in 'danger zone,' opposes more aid for Greece
5. New Democracy's political council convenes to decide line opposite gov't
6. Clocks go forward one hour on Sunday
Today
This Week
1. Next Monday is D-Day for state funds
2. EU asks Greece for more reforms to speed talks on bailout
3. PM faces Merkel amid race to detail reforms
4. Some more equal than others
5. Greece to present reforms by Monday, says gov't spokesman [Update]
6. Looking at the Chinese model
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.