EU debt crisis is a risk to the Netherlands, says CPB

The EU’s debt crisis and the situation in Greece,Ireland, Portugal and Spain carry risks for the Netherlands, the government’s macroeconomic agency CPB said on Friday.

In particular European leaders should take a speedy decision about what should happen if Greece goes bankrupt because any delay will be expensive, the CPB said in an 18 page policy briefing.
The Netherlands will be directly affected because a number of different channels have lent money to Greece and Ireland. And Dutch banks, insurance companies and pension funds, which are among the creditors, could be left footing part of the bill, the CPB warned.

Meanwhile, the Netherlands is one of nine signatories to a letter warning that The EU risks a future of high unemployment and economic decline vis-a-vis new world powers unless it looks beyond just saving the euro, website euobserver reports.
‘Without stronger ambition and fundamental reform we face a future of low productivity, high unemployment, lost investment and relative economic decline,’ the group warned.

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