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Dublin: 6 °C Thursday 21 November, 2019
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Scary Newspaper Front Page of the Day

The situation in Greece has led some to predict just how much any eurozone exit for the country might cost the rest of us. And it’s not cheap.

THE SITUATION IN Greece continues to dominate newspaper headlines here and worldwide today but there is no headline we’ve seen so far that is quite as scary as this one.

The Guardian leads today with a story that the British government is making plans for a possible Greek exit from the eurozone with one estimate of the impact on the single currency zone putting the cost at some $1 trillion or as the paper puts it:

Scary, huh?

Yesterday, a senior judge was sworn in as an interim prime minister of Greece. He will lead a caretaker government until the country can hold fresh elections, their second in six weeks, on 17 June.

Panagiotis Pikrammenos, 67, was reported to have said there was “no panic” according to the Greek president Karolos Papoulias who added “but there is great fear which could turn into panic,” according to Business Week.

The growing numbers of people who are withdrawing their deposits from Greek banks has also come into sharp focus in recent days. Yesterday, the Wall Street Journal reported that some €700 million was withdrawn from local banks earlier this week.

Though this is not considered a run on the banks, the increasing flow of money out of Greek banks is raising further concerns for European leaders on top of the political uncertainty.

Yesterday, Finance Minister Michael Noonan warned of the consequences of the Irish people voting No in the Fiscal Compact referendum, describing it as a “dangerous leap in the dark”.

Read: Minister Quinn: Govt will implement treaty ‘without delay’

Read: Noonan says rejecting EU treaty would be ‘dangerous’ for Ireland

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About the author:

Hugh O'Connell

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