BSP warns of ‘fallout’ from Greek debt crisis

A default by Greece on its obligations months tend to have serious repercussions on financial markets, the Bangko Sentral ng Pilipinas (BSP) warned on Monday, while claiming that the Philippine economy is robust enough at this point to fend off the impact of market volatilities.

“The developments in Greece may cause volatility in financial markets, as some participants shy away from positions until there is clearer direction in next steps in the European Union,” BSP Governor Amando Tetangco Jr. said in a text message to reporters.