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Friday, 18 September 10:08 (GMT -05:00)

Business And Politics News

Greek GDP Will Collapse By 20% In Case Of Grexit, S&P Predicts

According to the recent forecast made by Standard & Poor's, Greece may see its GDP decline by 20% over the next 4 years if it quits the Eurozone.





In particular, the prediction says that if the European Central Bank stops supporting the Greek banking system – the support was estimated at 70% of the GDP, the banking system will not be able to function properly and will collapse.
With that said, the rating agency predicts a new wave of financial and economic trouble for Greece. While Greece has already lost 35 billion EUR (or 20% of the GDP) since November 2014, by the end of June the flight of capital is estimated at 54 billion EUR or 30% of the GDP, Masterforex-V Academy report.
According to he recent report released by Bloomberg, if the country does eventually quit the Eurozone, almost all the Greek bonds and shares will see an 80% collapse. At the same time, the Eurozone won’t feel such harmful consequences and will be able to survive the Grexit. Apparently, other Eurozone bonds and shares may drop in value a bit as well, but this is not going to be such a huge drop.
Meanwhile, Christine Lagarde, Managing Director of the International Monetary Fund, urges the Greek government to stop being childish and act as grown-ups. In particular, she puts the blame for the current crisis on the Greek governments - uncertainty, constant changes and mess.
She says that other IMF nations haven’t seen any reason to treat Greece as an exception since such crises have been seen worldwide for many times. The IMF wants to help but on conditions implying justice. If the referendum results in rejecting the reforms required by the lenders, this will undermine Greece’s status in the talks.
At the same time, most Greeks wants to stay in the Eurozone. So, the referendum will show how strong their desire is and what they are ready to sacrifice.
It is also interesting to note that the Greek President canceled his visit to Germany scheduled for July 7th. There has been no official reason announced but experts say this is due to the fact that he is not willing to leave the country on the verge of bankruptcy and financial collapse especially as the results of the forthcoming referendum will go public on July 6th.  He is also sure that Greece will stay a Eurozone member.


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