Greek crisis raises fears in neighbouring countries

(Vatican Radio) Several governments in Greece's immediate vicinity are concerned the financial turmoil threatening Athens may spread to other Balkan and Eastern European nations. The governments in Serbia and Macedonia are among those already trying to protect themselves by limiting financial dealings for Greek-owned banks. 

Listen to Stefan Bos' report: 

Serbian Finance Minister Dusan Vujovic says Serbia may further tighten transaction restrictions already in place for Greek-owned banks if the crisis in Greece worsens following Sunday's referendum.He has told Belgrade station TV Pink that if the situation worsens all transactions by Greek banks may require "written approvals from the central bank" to prevent the outflow of capital. 

Serbia's finance minister said the government had made contingency plans for various scenarios, including a Greek exit from the euro zone, a worsening of trade and economic relations between Greece and the rest of Europe, and even a Greek exit from the European Union. The four Greek-owned banks in Serbia have a combined market share of 15 percent. Macedonia, where Greek banks have even a 20 percent market share, has expressed similar concerns. It already ordered its banks to pull their money from Greek banks. Macedonian authorities also imposed what they called "preventive measure" to limit the outflow of capital to the country's southern neighbour. 

Besides in Serbia and Macedonia, Greek-owned banks have also significant market share in the likes of Bulgaria, Romania, and Albania. Analysts warn these financially troubled governments may have to bail them out if the Greek banking system collapses and Athens leaves Europe's single currency.

That's expected to put further pressure on the European Union as several Balkan countries are already EU member states while others seeking to the join the 28-nation block.