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WSJ’s Alkman Granitsas on efforts to resolve Greece’s debt crisis and keep the country in the eurozone.
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It's announced.
So -- overseas markets did trade higher this morning thanks in part to some better news coming out of Greece.
Recent polls there indicate that a pro bailout candidate.
Candidates are gaining ground easing concerns about a possible exit by degrees from the euros son.
Joining us now to talk about all of this is Altman -- meets us he is the bureau chief for the Wall Street Journal and Dow Jones Newswires and happens.
Altman thanks so much for joining me on the are we are do you think people are reading too much and of these new poll numbers that they have put on new Democracy Party might be gaining favor and she would keep Greece in the -- -- I'm I think the race is still pretty close it's then too close to call but it doesn't seem like Christine voters trust back to the tooth so bail out party's new democracy and they're sort of coalition.
Partners the socialist Pasok party.
But -- -- the vote is too close to call but I do think the Greek voters have blinked a bit they are alarmed by the idea that Greece could tumble out of the eurozone.
And I think they're starting to reconsider how they cast their -- a lot of elections.
What is causing that is -- the realization.
Of what would happen to degrees economy and spending if it if -- nation leaves the Euro.
I think -- must -- -- that I think it started to realize that.
Has the prospect of an imminent Greek departure -- the eurozone is is real it's it's that you can feel it's palpable we've -- The last several weeks a couple of days where -- a lot of deposit withdrawals from the Greek banks not in a -- a couple of days but about two weeks ago.
They're certainly -- have been some concerns about what had.
-- Greece would be able securing more financing.
Within a few weeks time you know the cash reserves of the government are likely to run out by the end of June.
They may get pushed a little bit to the middle of July but the truth is that the -- is strapped and if it doesn't and if Greece doesn't receive -- bailout funds from Europe.
It's it's it's headed for a very rocky.
Iraqi number.
And the more coverage.
-- that Greece is getting.
Optically and the and would say just the United States and they did that is having a direct impact on tourism is it not in Greek.
Greece needs that too I guess Ed did tourists to keep coming -- -- to at least to hang in there are in order to keep the economy propped up.
Most staff slamming -- when it rains it pours I mean one of the bright spots and Greek economy in general has always been its tourist sector accounts for about one -- the GDP -- about 15 job.
And so good tourist season can give sort of the -- to the overall economy and that received in the reverse and one of the concerns is that beat blanket coverage of Greece's problems in.
European media in particular has.
-- Visitor interest and it looks like Greece is heading for a weaker currencies in which unfortunately that's going to have a knock on effect on GDP.
And probably -- on public finance.
Altman really quickly do you expect kids again you talk about the bank on deposit.
Deposit withdrawals.
It's slowed down a bit in recent days -- expect things to get.
Other -- again before they we might have some more permanent calm there.
It's definitely a risk I mean what we've noticed -- -- the deposit outflows have been going on.
About two years but we've noticed that on certain circumstances when there's a lot of political uncertainty we have -- Back in October November of last year and again after the elections failed to produce a clear -- this month.
You do see people getting nervous and all buttoned rushing -- Russia may be too strong or jogging to the banks to take out their money.
If we do have another sort of political battle like that another hung parliament -- the next election get -- we could have another deposit.
Altman thank you root for calling him was great to speak what do you make sensible -- -- lot thank you.
All -- -- and -- us with Dow Jones and the Wall Street Journal be well.
