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did any of you take a glimpse of today's Asia markets, eyes hurt...
SINGAPORE, July 7 — Singapore’s direct exposure to Greece is “negligible” and despite the uncertainty in the eurozone’s most indebted country, the Republic’s domestic money and foreign exchange markets continue to function “in an orderly fashion”, the Monetary Authority of Singapore (MAS) said yesterday (July 6).
“The direct exposure of our economy and banking system to Greece is negligible, accounting for just under 0.2 per cent of total trade and 0.1 per cent of total banking system assets,” the MAS said in response to media queries. It said “there is some uncertainty as to the broader impact of continuing developments in Greece”, and that it is closely monitoring developments in the eurozone economy and global financial markets, and their potential impact on Singapore.
Expressing similar views, DBS group chief executive Piyush Gupta said yesterday that Greece’s woes are not capable of derailing the financial systems and economies of Asia.
“If you look at Asian exposure into Greece, it’s almost zero, so the direct impact on Asia will likely be very small,” he said. “Almost all, or the bulk, of Greece’s exposure today lies in the hands of the ECB and various other official bodies. Private sector exposure to Greece is very, very small ... It’s unlikely there will be a Lehman kind of situation,” Gupta added, speaking at the opening address of a DBS Private Bank client luncheon.
Lim Say Boon, chief investment officer for DBS Consumer Banking Group and Wealth Management, told reporters on the sidelines of the event that even though Greece accounts for less than 2 per cent of the eurozone’s gross domestic product and therefore should not terribly rattle the global financial system and economy, fear among investors may drive stock markets down. However, the “smart investor” will see this as a buying opportunity, he added. — TODAY
- See more at: http://www.themalaymailonline.com/m...ys-monetary-authority-of#sthash.FZoEXySx.dpuf
SINGAPORE, July 7 — Singapore’s direct exposure to Greece is “negligible” and despite the uncertainty in the eurozone’s most indebted country, the Republic’s domestic money and foreign exchange markets continue to function “in an orderly fashion”, the Monetary Authority of Singapore (MAS) said yesterday (July 6).
“The direct exposure of our economy and banking system to Greece is negligible, accounting for just under 0.2 per cent of total trade and 0.1 per cent of total banking system assets,” the MAS said in response to media queries. It said “there is some uncertainty as to the broader impact of continuing developments in Greece”, and that it is closely monitoring developments in the eurozone economy and global financial markets, and their potential impact on Singapore.
Expressing similar views, DBS group chief executive Piyush Gupta said yesterday that Greece’s woes are not capable of derailing the financial systems and economies of Asia.
“If you look at Asian exposure into Greece, it’s almost zero, so the direct impact on Asia will likely be very small,” he said. “Almost all, or the bulk, of Greece’s exposure today lies in the hands of the ECB and various other official bodies. Private sector exposure to Greece is very, very small ... It’s unlikely there will be a Lehman kind of situation,” Gupta added, speaking at the opening address of a DBS Private Bank client luncheon.
Lim Say Boon, chief investment officer for DBS Consumer Banking Group and Wealth Management, told reporters on the sidelines of the event that even though Greece accounts for less than 2 per cent of the eurozone’s gross domestic product and therefore should not terribly rattle the global financial system and economy, fear among investors may drive stock markets down. However, the “smart investor” will see this as a buying opportunity, he added. — TODAY
- See more at: http://www.themalaymailonline.com/m...ys-monetary-authority-of#sthash.FZoEXySx.dpuf
