The latest financial regional report for the Southeast, Central and East Europe published by the International Monetary Fund, CESEE presents an analysis of the influence that a possible escalation of the Greek crisis may have in the economies of Greek neighboring countries.
The report shows that some Balkan countries may be affected by the worsening of the Greek crisis through the bank connections and trade exchanges with Greece.
In cases if the situation in Greece gets worse, it could cause non reliability in the financial sector, exit of deposits and pressure on the local currencies of Balkan countries.
Based on the data published by the IMF, Albania is ranked the third after Bulgaria and Macedonia for the trade connections with Greece, where exports comprise about 1.5% of the GDP.
Second tier banks with Greek capital comprise about 17% of the total number of private banks in Albania, a percentage that has decreased in the last four years with 6 points of percentage.
In comparison to other regional countries, Albania is in a better position regarding the indicator of loans to banks with Greek capital. In other words, private banks with Green ownership that currently operate in Albania are not very much depended by the capital of their main branch in Greece.
News source/photo credits: Shqiptarja.com