27 Jun '15, 3am

Grexit: The Fallout if Greece Exits the Euro

Singapore is an open economy that exports 174% of its GDP and would be badly affected by “Grexit” – Greece exiting the euro zone and the global repercussions that follow. Overspending and poor tax collection left Greece with a massive $168 billion debt problem in 2004. In 2012, the Troika creditors took over and imposed harsh austerity measures. This resulted in the election of the current Greek government of Syriza in January 2015. Syriza kicked out the auditors and refused to agree to the latest austerity measures of cutting pensions, increasing taxes and the budget surplus. Creditors refuse to release funds unless the new terms were agreed and resulted in gridlock. The lack of funds would result in a Greek default and exit of the EU. Greeks are now running on the banks and it is only with ECB help that Greek banks are still open for …

Full article: http://thefinance.sg/2015/06/27/grexit-the-fallout-if-gre...

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