IMF says Greece spillovers limited to rest of world

Greece is a small part of the world economy, and its possible exit from the eurozone should have limited impact on the rest of the world, the IMF's chief economist said on Thursday, though he warned similar crises could happen in other countries. 

PHOTO: AFP

JUL 9, 20159:53 PM

[WASHINGTON] Greece is a small part of the world economy, and its possible exit from the eurozone should have limited impact on the rest of the world, the IMF's chief economist said on Thursday, though he warned similar crises could happen in other countries.

Greece is racing to find a last-minute third bailout from its IMF and European Union creditors to avoid bankruptcy and exit from the eurozone.

"In a world in which there is high debt to start, we have to be ready for episodes like this," said Olivier Blanchard, the chief economist at the International Monetary Fund.

REUTERS