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If Greece goes… by Financial Times

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UK: the last frontier?

By FT reporters

May 18 2012

Britain has already been affected by the eurozone crisis. But what would happen to the non-eurozone member were Greece to leave the single currency?

EconomyThere is no doubt the impact would be bad – at least in the short run – even if the longer-run effect of break-up is less clear cut, writes Chris Giles. For the UK, the short-run hits would probably include lower exports to Greece and other eurozone countries, weaker asset prices, a rise in sterling compared with the current eurozone average, a direct hit to financial sector output, a new credit crunch and a drop in confidence.

Capital Economics has dared estimate the “total possible impact” of these events would knock 3.5 per cent from UK ...

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