YEREVAN, October 18. /ARKA/. Greece's exit from the Euro bears the risk of kindling a wildfire throughout Europe - possibly even on an international level - and may result in a worldwide economic crisis. Countries affected would include not only Southern member states and their EU partners, but also the USA, China and other emerging countries, German Bertelsmann Stiftung reports.

This is the conclusion of an economic forecast study carried out by Prognos AG on behalf of the German Bertelsmann Stiftung.

For Greece, the exit scenario would imply national insolvency, a massive devaluation of the new Greek currency, unemployment, sharply declining domestic demand and many other problems. All these domestic effects would have a direct impact on its trading partners. In Greece alone, the ensuing losses of growth would amount to 164 billion euros or 14,300 euros per capita by the year 2020. The 42 top national economies in the world would have to absorb total losses amounting to 674 billion euros in total.

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The European Investment Bank began immediate allocation of up to 750 million euros ($966 million) to the crisis-hit Greek economy, RIA Novosti reported citing the Greek finance ministry

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Greek Finance Minister Yannis Sturnaras first time in five days of consultations with representatives of the three creditors, said the progress in the negotiations on a package of austerity measures

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Greek Prime Minister Antonis Samaras wants international lenders to give his indebted country more time to complete reforms that have been demanded as a condition for financial aid, he told Germany’s Bild newspaper

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Options to tide Greece past the looming redemption of its bonds held by the European Central Bank

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On the first day of the past week gold price was falling as the optimism sparked by reports that Spanish banks will get assistance, soon came to naught

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Gold prices saw upturn last week due to stabilization of sentiments at commodity assets market. The relative stabilization in sentiments was touched off by the G8 summit held last weekend

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If Greece’s next set of elections produces a government opposed to its bailout, this could lead to a parallel currency to the euro emerging in the country, rather than a formal

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YEREVAN, May 17. /ARKA/. Greek depositors withdrew 1.2 billion euros , that makes nearly 0.75% of residents’ deposits, from their bank accounts in two days, Russian Vedomosti reports referring to The Financial Times. Athens-based bankers said the customers pull their money breaking credit agreements, and the capital withdrawal may even increase. Fears may turn into […]

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Eurogroup president Jean-Claude Junker at the press conference on Monday

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