Europe and the world is in shock after Britain voted to leave the European union, whilst many are still wondering what the short and long term consequences will be and how this departure from the union will be effected.
Amongst the first casualties is the British pound, which took a beating in the markets, and the British Prime Minister David Cameron who will now be resigning; leaving behind him a fragmented party under the leadership of former London mayor Boris Johnson.
As for Greece, the long term impact will be both social and economic.
The Brexit would certainly have a negative impact for an already fragile Greek economy, given that the UK is the 6th most important export market for Greece, importing almost 1 billion euros of commodities from Greece.
Greece ranks as the UK’s 43rd largest export market, accounting for 2.2 billion pounds (2.8 billion euros) in goods and services sold last year.
Of greater significance, though, British tourists are a vital source of income for Greeks. According to the Bank of Greece, last year they saw a 14.7 percent increase in arrivals from the UK, while receipts from British visitors rose by 30.5 percent, which was second only to tourists from the US. The central bank says that almost 2.4 million Britons came to Greece last year, bringing in more than 2 billion euros.
On the social front there are many questions which will need to be answered:
How will Britain’s exit affect the thousands of Greek-EU citizens who emigrated there for work?
How will Britain’s exit affect the thousands of Greek-EU students studying at UK universities? How will travel and other social transactions now be affected between the UK and the rest of the European Union? The consequences of which are still unclear.
