Reuters logo
Fiat taking stock of possible Greek euro exit
May 30, 2012 / 1:57 PM / 5 years ago

Fiat taking stock of possible Greek euro exit

MILAN, May 30 (Reuters) - Italian automaker Fiat is taking stock of the possibility that Greece could leave the euro, the company’s chief executive said on Wednesday, even though it considers such an event highly unlikely.

“We are evaluating the possibility of a Greek exit, but we consider this event very remote,” said Fiat Chief Executive Sergio Marchionne on a conference call.

A Greek exit from the euro zone would force companies there to revert to the drachma, which would likely fall sharply against the single currency to reflect Greece’s fiscal crisis.

That would restrict Greek importers’ ability to pay euro-denominated invoices, potentially inflicting big losses on their European suppliers.

Greek car sales in April fell 56 percent year on year to just 4,409 cars, according to figures from ACEA.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below