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Australia feels Greece’s exit woes

Just under a month before the make-or-break elections on June 17, it is increasingly conceivable that Greece may leave the eurozone, leading other countries to brace themselves for the potential roll-on effects of the weakening of the eurozone

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22 May 2012

Just under a month before the make-or-break elections on June 17, it is increasingly conceivable that Greece may leave the eurozone, leading other countries to brace themselves for the potential roll-on effects of the weakening of the eurozone.
Officials in Australia are watching the growing crisis.

The Treasurer, Wayne Swan, yesterday said that Europe was likely to face a ''long and painful adjustment''.
The Commonwealth Bank has put in place extensive contingency plans to deal with financial shocks that could follow if Greece leaves the eurozone.
While planning will help minimise financial pressure, the implications of a Greek exit would be "material", warned the bank's chief executive, Ian Narev.

Economists at a German bank recently estimated that a Greek exit would cost the German government about 100 billion euros ($127 billion), or less than one-tenth of 1 percent of the nation's annual economic output.
Similarly, former French finance minister Francois Baroin said earlier this week that a Greek exit would cost Frςance up to 50 billion euros - only a small share of its economic output.

Meanwhile, stock markets have declined worldwide on fears that Europe will unravel, European banks have recorded losses on Greek investments, companies are making contingency plans and Europe has prepared rescue funds for other vulnerable nations like Portugal, Ireland and Spain to prevent the spread of the economic contagion.

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One of the sad consequences of the economic woes in the Hellenic Republic is the growing exodus of Hellenes to other lands. That has brought its own problems which must be addressed by governments both here in Australia and in Hellas. Many corrupt - there is no other word for them - so called immigration agents are lying to people in Hellas about travelling to Australia and finding work. People have already begun coming here expecting everything to be automatically fantastic only to find that while Australia has many advantages they will not automatically receive large hand outs of money and jobs within a day of arrival. Others are coming here and being offered somewhere to stay by locals only to be fleeced by them, here. These are not wild claims but have been passed on to me by an Irish Australian immigration agent and a Hellenic Australian immigration agent, and they are concerned. They are finding many "new migrants" from Hellas expecting things for nothing due to the lies told them over there. Most have unrealistic expectations borne from their woes and the lies being pedalled and the lack of real information from the Australian Government. That is why I am calling upon our federal government to do the right thing and to massively educate people in Hellas about opportunities here, duties and responsibilities, and what help they can reasonably expect to get.
Submitted by atkenos on Thu, 2012-05-24 08:26.

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