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Balkan States Fear the Worst From Greek Crisis
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07.07.2015
There is a saying in the Balkans: "Indebted like Greece."
The expression is believed to have originated in the 19th century, when the southeast of Europe was engulfed in wars and poverty. It has taken on new significance since Greece's financial crisis worsened this year.
Millions of people in Serbia, Albania, Bulgaria, Macedonia and Romania have their deposits in Greek bank subsidiaries in their own countries, putting the Balkans on the front line in the Greek crisis.
Though Greece's limits on cash withdrawals have not extended to subsidiaries in the Balkans, the deposits could be at risk if the parent banks collapse.
The expression is believed to have originated in the 19th century, when the southeast of Europe was engulfed in wars and poverty. It has taken on new significance since Greece's financial crisis worsened this year.
Millions of people in Serbia, Albania, Bulgaria, Macedonia and Romania have their deposits in Greek bank subsidiaries in their own countries, putting the Balkans on the front line in the Greek crisis.
Though Greece's limits on cash withdrawals have not extended to subsidiaries in the Balkans, the deposits could be at risk if the parent banks collapse.
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