Bank of Greece Expulsion from The Eurosystem
Greece is about to become the first developed economy to default on its IMF obligation. This will lead to exit from the European Monetary Union. The next payment to IMF id $1 billion what should be done over next month. Missing of this payment can be reason to leave the euro zone.
It is not secret that expulsion of Greek banks from Eurosystem could damage the currency union. The risk of economic recovery for euro area has risen recently, because Greece is on the way to be cash out.
Other materials on this subject
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- Greece Can be Competitive Once Makes Reforms: Schaeuble Greece can have a competitive economy once it makes reforms agreed with its euro zone creditors, German Finance Minister Wolfgang Schaeuble said on Monday.
- Greek Unemployment Rises to 23.4 Percent in August, Eurozone Highest Greece's unemployment rate has come down from record highs but remains more than double the euro zone's average of 10 percent in August.
- Eurogroup to Disburse 10.3 bln Euros to Greece The Eurogroup also recalled the medium-term primary surplus target for Greece at 3.5% of GDP as of 2018 and underlined the "importance of a fiscal trajectory consistent with the fiscal commitments under...
- 48-Hour Strike Began in Greece Public transport workers joined the strike. Today and on Saturday in the Greek capital metros, trolley buses and trams will not work.
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