What happens if greece says no

Or, if you are already a subscriber Sign in. Other options. Close drawer menu Financial Times International Edition. Search the FT Search. World Show more World. US Show more US. But can we grow out of tourism?

No, because if tourism was the growth engine of the Greek economy, it would have served also as a panacea in the current situation. We need to have exports. Now if Greece is going to leave the euro and devalue, it could be a good moment for foreign investment. But the issue is that Greece has developed issues of bad faith, ill-will and untrustworthiness in the past two years. This means that Greece has lost its credibility. SB: Will Greek exporters gain from leaving the eurozone?

We just export agricultural products. We have no significant exporting industry at the moment. The other things that we are exporting are services and tourism. Most of the businesses in Greece, they have loans in euros. So if Greece is to leave the eurozone, Greek loans will still be denominated in euros. It means that many Greek companies will go bankrupt.

For me, Greece going out of the euro is like a disaster for my country. SB: If Greek businesses were to default on their loans, would this affect banks in other European countries? They have over-lent, so they have liabilities of six times the Cypriot GDP. So you can imagine another Icelandic case emerging in the Mediterranean. Keep abreast of significant corporate, financial and political developments around the world. Stay informed and spot emerging risks and opportunities with independent global reporting, expert commentary and analysis you can trust.

Sign in. Accessibility help Skip to navigation Skip to content Skip to footer. Make informed decisions with the FT Keep abreast of significant corporate, financial and political developments around the world. Choose your subscription. But leading German politicians appeared in little mood to show mercy. On the streets of Athens, the mood was a mix of celebratory defiance and fatalism. Thousands of people flooded into Syntagma Square, waving flags, blowing whistles and chanting.

I have a kid who is sick and I might not be able to take care of [the child]. There have been fears of a breakdown in law and order. But on Sunday night he put such bleak thoughts to one side as he joined in the celebrations.