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Report: Costs of leaving euro too high

Report: Costs of leaving euro too high

Economists at Swiss bank UBS say leaving the euro would cost Europe's heavily indebted countries up to half their economy up front _ and costs would continue for years.
Such an event has "close to zero" probability, they wrote in a report released Tuesday.
Costs would include a probable collapse of the departing country's banking system and its trade with other euro countries, as well as government debt default and widespread corporate bankruptcies, they said.
They also said there's no way under the European Union treaty to throw a country out, and only sketchy provisions for leaving.
Eurozone governments and the International Monetary Fund have had to bail out Greece, Portugal and Ireland to keep them from defaulting on debts.


Updated : 2021-08-02 21:36 GMT+08:00