Tuesday October 21, 2014 Search
Weather | Athens
24o C
16o 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)  
At loggerheads over role of the IMF
Hong Kong telecom group buys out Greek start-up
Local tourism could see more arrivals, investments next year
Troika exerts pressure using return date
Wage dispute hurts govt unity before troika return
Changes to the public sector wage structure are at the heart of a dispute within the coalition that has raised concerns about whether the government will be in a position to negotiate effect...
Most Britons want to see Parthenon Marbles back in Athens, poll shows
The majority of Britons think that their country should return the Parthenon Marbles to Greece, a new poll has found. According to the survey, which was conducted by the YouGov international...
Inside News
BASKETBALL
PAOK fans stop coach Markopouloss move to Olympiakos
Olympiakos is once again in the lookout for a new coach after the refusal of PAOK to release Soulis Markopoulos, while Panathinaikos defeated Kolossos on Rhodes on Monday to become the only ...
BASKETBALL
Reds lose to Nea Kifissia, search for new coach
Nea Kifissia recorded the biggest win of its short history in the top flight defeating Olympiakos 68-67 on Sunday, in a Basket League weekend marred by the abandonment of the Thessaloniki de...
Inside Sports
COMMENTARY
Stop moaning and get in the game
There are so many people who love spending their days talking about the crisis and proclaiming that they know exactly what needs to be done to solve the countrys problems. Some of them obvi...
EDITORIAL
Exorcising the ghosts
Developments last week held in store an uncomfortably realistic understanding of the risks engulfing the country. The massive sell-off in Greeces stock and bond markets was a strong shock. ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. PAOK fans stop coach Markopouloss move to Olympiakos
2. At loggerheads over role of the IMF
3. Hong Kong telecom group buys out Greek start-up
4. Local tourism could see more arrivals, investments next year
5. Troika exerts pressure using return date
6. Wage dispute hurts govt unity before troika return
more news
Today
This Week
1. Greece must stick to reforms, says Schaeuble
2. Bakers encircle Thessaloniki's White Tower with giant 'koulouri'
3. Turkish vessel enters Cypriot Exclusive Economic Zone
4. European leaders pivot back to debt crisis after wake-up call
5. Hardouvelis does not see 'big surprises' in ECB stress tests
6. Stop moaning and get in the game
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Greece to contribute 1 mln towards Gaza reconstruction
3. Greece nearing bailout exit, says gov't spokesperson after IMF talks
4. Istanbul skyscraper casts shadow over Greece's banking ambitions
5. Coalition shooting itself in the foot
6. GPO poll gives SYRIZA clear lead over New Democracy
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.