Greece's debt crisis unlikely to seriously affect Thai, global economies

BANGKOK, July 6 (TNA) - Thai investors have been advised not to be panic with Greece's debt crisis on the Thai and global economies, as it is likely to have only limited impacts. Montree Socatiyanurak, Director of the Bangkok-based National Institute of Development Administration (NIDA)'s master of public administration program, assessed on Monday it is unlikely that Greece's debt crisis should have any serious impact on the Thai and global economies. Montree explained that the value of Thai products destined for Greece has accounted for only 0.08 per cent of overall Thai export value. Montree also pointed out regardless of any result from Greece's referendum on July 5 (local time) on the financial reform plan of the troika, comprising the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF), there should not be any significant impact on the whole economy of the European Union (EU) and the global economy because the Greek economy accounts for only 1.6 per cent of the overall EU economy and 0.3 per cent of the world economy. Montree conceded, however, that Greece's debt crisis could result in euro depreciation and US dollar appreciation. According to the senior academic, the Greek situation may have short-term impacts on international investors and cause only some fluctuations; therefore, Thai investors should not be panic. (TNA)