Die Auswirkungen der Griechenland-Krise auf die Nachbarstaaten
The Effects of the Greek Crisis on the Neighboring Countries

Summary/Abstract: For a number of Balkan countries Greece is not only an important trading partner. Greek investors have placed substantial engagements in the region, and Greek banks have established a remarkable network of subsidiaries all over Southeast Europe. Therefore it is unavoidable that the present economic and financial crisis in Greece affects the neighboring countries in various ways: The dramatic drop in domestic consumption effectuates Greek imports, Greek investors lack the financial means for FDIs abroad, and Greek banks have enormous problems to secure their basic capital fixture, the latter a challenge that must increase dramatically when the required debt cut will realize since Greek banks in particular are holding the majority of Greek state bonds. A repatriation of capital assets from the Greek bank subsidiaries in the Balkan countries thus becomes very probable causing related problems for the credit markets in the respective countries. A collateral damage for these countries is the fortification of the negative image of the Balkans in general as a region of political and economic shakiness, and a further increase of enlargement fatigue in the EU.

• Details
• Contents