Some of the world’s biggest financial institutions predict the so-called Grexit (stands for Greek exit from the Eurozone) after the recent referendum conducted over the weekend. The referendum resulted in the NO answer to the offer made by the troika of lenders, Market Leander reports. It is reported that the list of banks predicting the Grexit includes JPMorgan Chase & Co, Barclays, Societe Generale and the Royal Bank of Scotland .
Yesterday’s referendum in Greece resulted in “NO” to the troika of lenders. This means that Greece is not going to practice deeper austerity and perform structural reforms required to get further financial aid from the ECB / EU and the IMF, not to mention debt restructuring.
According to the recent report on Greece published the IMF, the Greek financial system urgently needs 50 billion EUR to survive the current crisis and to revive the economy. Still, in order to do that, Greece need to meet certain conditions put forward by the lenders. It is reported that if there is such a financial aid, 36 billion EUR of it will come from European funds.
According to the recent forecast made by Standard & Poor's, Greece may see its GDP decline by 20% over the next 4 years if it quits the Eurozone.
Ukrainian lenders and professional advisors dealing debt restructuring are going to meet in New York this week. The meeting is designed to discuss some technical issues related to the structure of the Ukrainian debt and clarifying those ambiguous points that seem unclear to the holders of Ukrainian bonds, Market Leader reports.