Cost of Four Euro Exits? $22 Trillion: Study

http://www.cnbc.com/id/49460670

18-Oct (CNBC) — A Greek departure from the euro currency, followed by other southern European countries, would cut 17 trillion euros ($22 trillion) from global economic growth, causing a worldwide recession hitting the U.S. and China, a study by a German think tank has found.
Commissioned by the Bertelsmann foundation, the study by Prognos looks at four scenarios in which Greece defaults on its debts as creditor nations grow tired of providing financial aid to other euro zone countries.
In the worst case scenario the bailout money from the European Central Bank would simply “dry up.” An exit for Greece, Spain, Italy, and Portugal would follow, provoking a worldwide recession causing a gross domestic product (GDP) decline of nearly 17.2 trillion euros in 42 developed countries in the lead-up to 2020.

Up to 50% of Greek Workforce Strikes; Tipping Point Nears

18-Oct (CNBC) — As European Union leaders prepare to meet in Brussels on Thursday, Greece’s workers aim to make their voices heard by holding a 24-hour strike bringing the country to a halt. With the economy in the fifth year of a recession, the lost production could prove counterproductive and cost the economy 100 million euros ($131 million), according to one expert.
Most business and public sector activity is expected to grind to a halt during the strike called by the ADEDY and GSEE unions that represent around 2 million people — half of Greece’s workforce. A protracted news blackout is also expected as television and radio broadcasters and newspapers shut for the day, according to Reuters.