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Piechociński warns of Greek contagion

PR dla Zagranicy
Jo Harper 02.07.2015 11:28
A Greek exit from the eurozone could have “huge destabilising effects on the Polish economy,” Economy Minister Janusz Piechociński said.
Janusz Piechociński. Photo: PAP/EPA/Tomasz GzellJanusz Piechociński. Photo: PAP/EPA/Tomasz Gzell

“The Greek crisis is our crisis,” the minister added.

Piechociński is the first major public figure to raise the spectre of Polish fallout from a possible “Grexit.”

PM Ewa Kopacz and central bank figures have spent the last few days attempting to assuage fears of a so-called flight to safety by investors in Polish sovereign bonds, as well as equity and currency markets.

With Greece voting on Sunday on the terms of the troika's latest bailout offer, markets have been jittery on the downside. Polish markets still tend to be packaged together with other emerging markets, both regional and global, despite the economy's robust performance during the financial crisis.

Piechociński said emotions surrounding the possibility of a Grexit have had a “natural impact on markets and currencies.”

"This could lead to another appreciation of the Swiss franc, yen and dollar,” the minister said, adding the crisis could also impact the wider European economy.

Many mortgage holders with credits denominated in the Swiss currency have been hit hard this year by a large appreciation against the złoty.(jh)

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