DBS bank chief says Greek default would have limited impact

[SINGAPORE] A Greek default would have limited impact on the European economy and a very small impact on the Asian economy, DBS Group Holdings chief executive Piyush Gupta said on Monday, after Greece voted a resounding 'No' to further austerity measures in return for bailout funds that could see it crash out of the eurozone.

Presenting the bank's outlook for the second half of 2015 at a client luncheon, Mr Gupta pointed out that the European private sector and Asia's exposure to Greek liabilities was close to zero. He added that the ECB and other official bodies bore most of the exposure to Greek debt.

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