Romania, Bulgaria and Croatia’s financing costs could increase considerably in the coming weeks, after Greeks rejected the austerity measures in the referendum which took place on Sunday, according to Saxo Bank.

“Stock markets will register a 5% decline, and Eastern Europe will be the most affected,” said Steen Jakobsen, Saxo Bank chief economist.

Sunday’s vote has generated various risks such as the lack of liquidity and the Greek authorities’ inability to reopen banks, which were closed during last week. In a baseline scenario, Greece might leave the Eurozone, according to Jakobsen.

Over 61% of the Greeks voted against the austerity measures proposed by the international creditors, whereas the rest voted for them.

The results of the referendum in Greece had but a limited effect on Romania’s financial markets on Monday, as the exchange rate EUR/RON remained almost unchanged compared to Friday, at RON 4.4854 per EUR, and the main index of the Bucharest Stock Exchange only lost 0.5%.

editor@romania-insider.com