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Impact of Greek crisis on Kazakhstan

03 july 2015, 21:30
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©REUTERS
©REUTERS

Kazakh experts have shared their opinions on the possible impact of the Greek debt crisis on Kazakhstan’s economy, TengriFM reports.

According to the head of Analytics Department of Asyl Invest Aivar Baikenov, the crisis in Greece can influence Kazakhstan's stock market and its economy.

According to him, prices of London-listed Kazakhstani companies are already going down. For example, Kazakhstan’s Halyk Bank and Kazakhstan national oil and gas company KazMunaiGas had lowered by 2-3 percent.

“If the Greek crisis causes a eurozone crisis, then it is quite possible that Kazakhstan’s economy will be severely affected. We all know that over 50 percent of Kazakhstan's goods are exported to Europe. This is largely oil. The crisis in Europe will influence this sector, in particular Europe’s demand for our products,” Aivar Bakenov maintained.

Meanwhile, head of the Center of Macroeconomic Analysis Olzhas Khudaibergenov believes that Greece is most likely to default on its debt soon and quit the eurozone. “If Greece decides to leave the eurozone, then Europe will do its best to minimize the impact on the international markets,” Khudaibergenov said. 

However, he expects no direct impact of the Greek crisis on Kazakhstan in general.

Meanwhile, Greece failed to repay around 1.5 billion euros to the International Monetary Fund on Tuesday, thus becoming the first developed country to fail to make an IMF loan repayment. It then asked the IMF for an extension, though, according to the IMF, it will not help the nation overcome the crisis. 

For now, Greece is still left with 455 million euros due to the IMF on July 13 and another 284 million euros on August 1.

Writing by Assel Satubaldina, editing by Tatyana Kuzmina


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