Grexit Could Destabilize Balkan Region – Belgian Foreign Minister

BRUSSELS (Sputnik) — Greece's possible exit from the Eurozone could threaten to destabilize the whole Balkan region, Belgian Foreign Minister Didier Reynders said Monday.

"I'm afraid that it [Grexit] could have geopolitical consequences in the region. We must not forget that the Greek influence in the Balkans is very significant, as it is one of the key investors in the region. The consequences can affect not only the Former Yugoslav Republic of Macedonia and Montenegro, but also… Bulgaria, if we consider difficulties in stabilizing this area," Reynders told the RTL Belgium Radio.

The European economies are yet to analyze the consequences of Grexit, but there is no doubt they will exist, the minister added.

On Sunday, over 60 percent of Greek voters said 'No' to a recent bailout deal proposed by the country's international lenders and rejected by the country’s government. The vote boosted speculation about Greece’s possible exit from the Eurozone amid the country’s financial crisis.

Ahead of the referendum, many European economists commented publicly that it would be difficult to keep the euro in Greece in the event of a "no" vote, as the support of European credit institutions on which the Greek banking system is dependent, could be withdrawn. Such a situation would force Greece to create its own means of exchange, namely, reintroduce its own currency to keep its economy running, which would effectively mean Grexit.

Greece is one of the countries worst hit by the 2008-2009 financial crisis. The country’s overall debt stands at about $350 billion, of which $270 billion is owed to the European Central Bank (ECB), the International Monetary Fund (IMF) and some Eurozone countries.