Here's whether Greece's "NO" and the FALL OF THE EURO will destroy Serbia!

Today's decline in the euro by 1.5 percent to the lowest level of the currency in the past month or 1.0967 dollars, has alarmed even those who fully supported the Greek "no" to international creditors.

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The price of the euro has fallen in relation to the Japanese yen, to 136.50 yen at 135.45, which many saw as another economic alarm.

At the moment when the euro dropped, according to Professor of Faculty of Economics in Belgrade Milojko Arsic, Serbia's public debt rose by around 100 million euros.

He noted that this does not mean a permanent increase in public debt by the same amount because the fall in value of the euro against the dollar by 1.5 percent is due to the ongoing developments in Greece.

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- If Greece reaches an agreement relatively quickly with creditors, we expect a rise in the euro, which would mean that Serbian losses arising from the weakening of the euro is only temporary - said Arsic, whose predictions were quickly achieved partly because the euro returned to the previous level.

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That the global economy is under control, or at least no less than the day before, not only speaks of the almost immediate recovery of the euro (which returned to 01.10 dollars) but of numerous economists, who assured that the outcome of the Greek referendum will not cause an overflow of their debt to the European Union.

One of them is Aleksandar Stevanovic, which primarily considers the solution of the problems that the Greeks access - pointless.

Foto: AP/Tanjug

- Obligations can not be resolved by referendum. With this logic, the remaining 18 countries of the Eurozone may initiate a referendum and desist from settlement of its debt. There are two possible epilogues of this situation: the Greeks will either have to come to an agreement with their creditors that will be very similar to the one they had up until yesterday on their desk or be a scapegoat - for teaching others - said Stevanovic.

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The Greek idea of taking one's life into their own hands may sound good, but not on paper. For him, the calculation is clear. The price they will pay if they want to continue to pursue cutting of all ties with their former financiers, as explained Stevanovic, will be as follows:

- Their standard of living will suddenly tumble. They will find themselves in the same situation as we were we when they decided to confront the whole world.  They can thank the regime for this, that is certainly to blame for on the loan: Through the first two write-offs of debt they paid and they their reckless decisions - recalls Stevanovic.

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Foto: AP/Tanjug

What "guarantees" the rest of Europe peace, ie, that Greece's decision will not endanger the others is the fact that most of the Greek debt goes to the European institutions, not banks, but that does not mean the end of comforting arguments.

- It should be borne in mind that it is not in Europe's interest that Greece fails, because their money will go to waste, but to find a solution. After all, this is not from yesterday and I have no doubt that the previous period used to think of what will work in every possible variant - said Stevanovic.

(Telegraf.co.uk)