REPUBLIKA.CO.ID, JAKARTA -- The Greek economic crisis will affect Indonesia's exports to Greece, Spokesman for the Foreign Affairs Ministry Arrmanatha Nasir said.
"The value of trade between Indonesia and Greece is not too large, amounting to only US$200 million, but it is still relatively significant. Therefore, Indonesia's exports to Greece will be affected, more or less," Nasir stated.
He added that Indonesia has good relations with Greece, particularly with regard to cooperation in the trade field.
"Indonesia has good relations in the trade sector with Greece. It exports numerous goods such as crude palm oil and other commodities," he noted.
Therefore, Nasir pointed out, the Greek economic crisis will influence Indonesia's exports to the country.
Trade between the nations is not the only field that will feel the effects of the issue. Indonesian citizens living in Greece will also be affected by the country's economic crisis.
"According to the records of the Foreign Affairs Ministry, some 1,040 Indonesian citizens reside in Greece. Most of them work in the informal sector," he revealed.
With the slowdown of the Greek economy, several Indonesian citizens will lose their jobs in the country and will be forced to return to Indonesia.
However, Nasir is confident that the Greek economic crisis will not have serious impacts on the national economy of Indonesia.
"Indonesia will surely feel the external pressures, but we are convinced that it has relatively strong economic fundamentals that will help the country's economy survive," the spokesman affirmed.
Greece is on the verge of bankruptcy, failing to pay debts worth 1.6 billion Euros, which amounts to some Rp23.6 trillion, to the International Monetary Fund.
In addition, an economist of Standard Chartered Bank, Eric Sugandi, believes that the Greek crisis will have indirect impacts on Indonesia's economic growth.
"Although not direct, the impacts but will still be significant," Sugandi remarked here on Monday.
He added that Greece's problems will not directly influence the Indonesian economy because it is not a primary investor in the country.
However, Indonesia's economy will be affected indirectly because other countries that are business partners with Greece will feel the impacts.
Moreover, the economic growth of Indonesia will also be influenced by other external factors such as the appreciating value of the dollar against those of other currencies.
According to Sugandi, the "super dollar" phenomenon will affect financial channels, as well, while the rupiah continues to weaken with the strengthening of the dollar.
"The dollar will remain strong against the Euro and currencies of other emerging markets, including Indonesia. Financial channels and psychological factors will feel the impacts," he noted.
Unless Greece pays off debts worth 1.6 billion Euros to the International Monetary Fund, it will be declared bankrupt.
Furthermore, several other European countries are willing to provide a bailout for Athens, stipulating requirements for a number of changes in its budget.
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