“Grexit” means cheap holiday for Norwegians – Trønder-Avisa

– The traffic will probably go in the ceiling, predicts chief economist January Ludvig Andreassen Oak group said.

If Greece exits the euro zone, a so-called Grexit, the net effect will be positive for Norway because gross domestic product (GDP ) in Europe will decrease, which will affect interest rates, he said.

Lower interest rates

– We will get lower interest rates than we would otherwise have received, Andreassen says.

Neither economics professor Ola Grytten at NHH will exaggerate the effects of a Grexit for the Norwegian economy.

– When the first shock wave with uneasy interest and currency market has settled, we will notice little it. Norwegian and Greek economy is not closely linked, he points out.

According to Andreassen Government Pension Fund Global (oil fund) invested about 4 billion in Greece, and is a major investor in Greek banks.

– The stocks which are not much worth a Grexit. But the Fund will endure well, he said.

Fearing infection

More importantly, a possible contagion effect of a Greek decrease in other southern European countries that are struggling, like Portugal, Spain and Italy. But neither Grytten or Andreassen has so far seen no sign of this.

– Just the way it looks now, the danger is not very big, says Grytten.

Andreassen is more worried what could happen further east in the Balkans and in Turkey.

– There are many Macedonians and Albanians working in Greece, while Turkey is struggling with major financial problems because of the war in Syria and Iraq, he says NTB.