Sunday 04 December 2022

Greek eurozone withdrawal would cost the Netherlands €22bn: ING

The collapse of the eurozone would not only cause a major recession in the Netherlands, but would cost the country hundreds of billions of euros in lost assets, according to a new report by ING economists.

In total, the cost to the country would be €339bn, of which banks’ finances would contract by €111m and the government’s by €121bn, the ING report said.
If rather than a total collapse, Greece left the eurozone instead, the impact on the Dutch economy would be around €22bn.
Of this, the government would have to write-off €17.75bn and the private sector the rest. ‘That will hurt, but it does not have to lead to insurmountable problems for the country,’ the report said. ‘So at first sight, a Greek withdrawal would be manageable.’
However, ‘the biggest problem would be that a Greek pull-out could trigger a domino effect,’ the report concluded.
The best option for the eurozone crisis is to ensure the survival of the euro, but it is impossible to say how much that would cost the country, the report said.
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