Greek Euro Exit to Cost Creditors $88 Billion, Handelsblatt Says
By Cornelius Rahn -
2012-06-15T16:50:23Z
A Greek exit from the euro zone may cost private creditors 70 billion euros ($88 billion), Handelsblatt reported, citing an estimate by Ansgar Belke, a professor for macroeconomics at the University of Duisburg- Essen.
The move would lead to a default by Greece’s government, meaning European banks would have to write off the largest part of their investment, the newspaper cited Belke as saying.
To contact the reporter on this story: Cornelius Rahn in Frankfurt at crahn2@bloomberg.net
To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net
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