Greek debt crisis has not affected Singapore financially: Lawrence Wong | Singapore Informer

SINGAPORE: The Republic has not suffered any financial impact from Greece missing its repayment to the International Monetary Fund (IMF), said Culture, Community and Youth Minister Lawrence Wong in Parliament on Tuesday (Jul 14).

Responding to questions about the impact of the Greek debt crisis in Parliament, Mr Wong said that in contributing resources to the IMF, Singapore is only exposed financially to the lender and not to borrowing countries.

Mr Wong, who is also a Board Member of the central bank, said Singapore’s loan commitment under the IMF’s 2012 borrowing arrangements has not been activated as the lender has sufficient financial resources for its current lending programmes.

Still, he said, Singapore is watching the developments in Greece closely.

“We cannot rule out the possibility of Greece exiting the Eurozone, whether now or later, and that, indeed, can have knock-on effects on investor confidence, as well as investor confidence, not just in Europe, but also in the rest of the world,” he said. “And so that’s something that we are monitoring carefully and there’s no reason for alarm now, but we are aware and concerned about the risks.”

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