Currencies in Korea and India vulnerable to Greek deterioration

The Korean won and Indian rupee are the most exposed to a worsening of the Greek crisis, according to rigorous research by Nomura. The Taiwanese dollar and Thai baht are least vulnerable.

Predictions and calls that Greece must restructure or default on its debt, and even leave the euro, have mostly been limited to political commentators and economics journalists. Banks, perhaps for obvious reasons, have generally been reluctant to join them. Many are exposed directly, all are vulnerable indirectly.

Although it stresses that “a significant deterioration in the Greek situation” is not its base case, Nomura nevertheless thought it wise to investigate the likely impact on Asian...

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