Brexit latest: reaction from Greece

Athens

All times UAE

12.10pm


Nick Malkoutzis, editor of the English version of Kathimerini, one of Greece’s major newspapers, and editor of Macropolis.gr: “The result of the UK referendum marks the beginning of what will probably be a prolonged period of uncertainty in the EU, possibly followed by further unsettling developments. In this environment, you don’t want to be isolated politically or to have a fragile economy. Unfortunately, Greece fits the bill in both cases. It’s economy is incredibly vulnerable to external shocks and the bitter process of agreeing and implementing bailouts over the last few years has damaged relations between Athens and the eurozone.

“A decrease in the number of British tourists visiting Greece as the result of the value of the pound dropping, or wider trade complications have the potential to knock Greece off course in terms of meeting its bailout targets. If the political climate in the eurozone after Brexit is one of retrenchment rather than deeper integration, Greece will find it hard to argue its case when asking for slack from its lenders or for meaningful moves with regard to debt relief. The result in the UK has undoubtedly made things much trickier for Greece.”

10.05am

One of the EU’s most fragile economies braces for the fallout from Britain’s referendum results.

Nick Barnets, a journalist with the independent news initiative Athens Live: “I think many here in Greece will be watching very closely to see what will happen following a win for Leave in the British referendum, and whether the result of this really will be respected in the end, unlike the referendum we had last year.” he said.

“Many here are more concerned about the effect Brexit will have on our economy that’s still struggling tremendously, and whether this will mean Germany being even more powerful with the loss of Britain in the EU affecting us negatively.”

In the build-up to the referendum, the impact of Brexit on the Greek economy was outlined by Nick Malkoutzis, editor of economics and political analysis website Macropolis. In an opinion piece for the English version of the Kathimerini newspaper, he wrote: “It’s clear that in Greece’s case, any deterioration in exports to the UK or the number of visitors coming over would be a substantial blow to its fragile economy. The IMF has made calculations on what Brexit could cost other EU economies and estimates it could shave close to 0.5 per cent off Greek GDP under the adverse scenario. The decline in output across the EU is seen at 0.2 to 0.5 per cent of GDP, with Malta, Ireland, Cyprus, the Netherlands and Belgium suffering the most.”

8.46am

The Guardian’s Greece correspondent, Helena Smith. “If Brexit comes to pass it will be the result of a protest vote born of the great wells of discontent first seen in Greece; the great irony is that ‘ordinary people, the decent people’ who have won this victory in the words of UKIP leader Nigel Farage, will now stand to lose the most. the prospect of Brexit begetting Grexit will go up exponentially if current predictions hold. Watch this space!”

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