A year after Grexit scare, Greece faces Brexit fallout

One of the EU’s most fragile economies is bracing for fallout from Britain’s referendum. Greece has become ground zero for the EU’s experiments – from austerity to refugee distribution.

There has been little sympathy for the EU in a country that is constantly faced with the effects of its policies – from a six-year economic crisis to an unresolved refugee crisis. Despite this, the news that Britain has chosen to exit the European Union was largely met with stunned surprise in Greece.

There were storms across the United Kingdom on Thursday, but in Athens a warm summer’s night saw in the results of the referendum. In the end, the Brexit succeeded where a threatened Grexit had not. It was just under a year ago that Greece held an ill-fated referendum against EU austerity policies, and the reaction in Athens to the looming Brexit has been mixed.

Some Greeks feel that Brits were right to make a break for independence from the European Union.Others are more cautious. They feel that Britain has taken an unnecessary gamble: The European Union may be flawed, but it still beats the alternative, and the predicted domino effect from the Brexit may well have a negative impact on the economy of Greece – a country that is in no position to suffer any further blows.

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(Photo: Pedro Moura Pinheiro/flickr.com)