Greek referendum result has no impact on Thai economy, Finance Minister confirms

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BANGKOK, 6 July 2015 – Finance Minister Sommai Phasi confirmed the outcome of the Greek referendum to reject the terms of an international bailout had no impacts on Thai economy.

His confirmation came after he presided over the launching of the THB500m SMEs Private Equity Trust Fund on Monday.

He explained that 76 per cent of Greece’s debts were held by Eurozone, the European Central Bank and the IMF. Another 24 per cent were held by commercial banks.

The first portion of Greece’s debts, worth US$1,700m., was equal to 1 per cent of Thailand’s foreign exchange reserves, he added.

He said the estimated 7 per cent economic growth of China was more important for Thailand as the country’s economy has more influence on Thai economy than the Greek one.

He advised Thai people consume news and information from social media in a mindful manner.

According to him, despite less export revenue, Thai economy is not in recession as its imports have also lowered and helped the country keep its positive balance of trade.

The government, he reiterated, has provided assistance measures for sectors affected by the drought disaster.

He also revealed that the Finance Ministry has already nominated a new governor of the Bank of Thailand and the name is possibly proposed to the cabinet meeting tomorrow or later in the next meeting.