ID :
372924
Tue, 06/30/2015 - 06:25
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Malaysia Hopes Greece Will Solve Debt Crisis

KUALA LUMPUR, June 30 (Bernama) -- International Trade and Industry Minister Mustapa Mohamed is hopeful that Greece will find concrete solutions to revive its debt-laden economy. "In the event there is no solution, we hope it will not impact Asia and Malaysia," he told reporters after the soft launch of the Young Bumiputera Entrepreneurs Congress 2015 here Monday. Bumiputera is a Malaysian term to describe the Malay race and other indigenous peoples of Southeast Asia, and used particularly in Malaysia. Greece closed its bank operations and imposed a capital control exercise to avoid financial chaos after the breakdown of bailout talks with its international creditors. The country is due to pay 1.6 billion euros (US$1.78 billion) to the International Monetary Funds within 48 hours and a default would result in Greece exiting the Eurozone. Mustapa said "the market is expecting it (default to happen)." "This is not new. We hope there will be solutions," he said. Earlier, Affin Hwang Investment Bank Vice-President and Head of Retail Research Dr Nazri Khan said the impact on Malaysia was expected to be minimal as the country's direct exposure to Greece was less than five per cent of total trade. -- BERNAMA

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