Exporters not worried about Greece default

Demonstrators holding letters to form a banner take part in a protest against the European Central Bank in Trafalgar Square, London, over Greece’s debt repayments. Above, the Greek crisis has affected most the pensioners who didn’t receive their pensions after the banks declared bank holidays.
(AP Photos)

Cebu exporters might be indirectly affected by any fallout from the Greek debt crisis, but they are not worried.

Furniture designer Debbie Palao, managing director of Design Ventures Cebu, Inc., said the Greece default is just one of many global concerns affecting the export industry.

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“It is not the only crisis in the global market. Exporters have dealt with ups and downs in the global market before. This is not new,” she said.

Palao said a more pressing concern for them would be a crisis affecting the US, which is a major market for most Cebu exporters.

However, she said exporters will still be affected by the crisis in Greece and in the euro zone because they “are part of the global market.”

But she was optimistic that “the export industries will survive.”

Philexport Cebu president Nelson Bascones said not a lot of exports from Cebu go to Greece.

The crisis there will likely have a very minimal effect on the export sector.

“Kung unsa may mahitabo sa Greece, dili ra ta ma-affect kaayo kay gamay ra kaayo atong export didto (Whatever will happen in Greece, it won’t affect us that much  because we don’t export a lot there),” he said.

But he also noted that the Greek crisis could spill over to the euro zone, and thus affect exporters doing business in Europe.

“What is left to do is hope for the best and prepare for the worst,” said Design Ventures communications officer Kae Batiquin.

The European country, which has been experiencing economic decline in the recent years, failed to repay a $1.7-billion loan to the International Monetary Fund that was due on Tuesday. Talks between Greece and its creditors broke down late last week.

Greece has declared a bank holiday for six days and imposed capital controls. It is also facing the possibility of exiting euro zone.