Men dressed as ancient Greek warriors cross a street during a performance at the Constitution (Syntagma) square in Athens, Greece June 21, 2015. REUTERS/Marko Djurica
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As Greece teeters on the brink of a Eurozone exit, jittery investors have been trying to second-guess the consequences for other peripheral members of the single currency.Pessimists argue that the brunt of a Grexit's impact would be indirect: a sudden setback to the Eurozone economies that would hit emerging market trading partners, especially but not only in central and Eastern Europe. Emerging markets with far fewer significant links, such as Mexico, Brazil, South Africa and Turkey, would also suffer from market volatility as investors shied away from riskier assets.The situation threatens to catch many EM finance ministries and investors off-guard.Not only are direct links between Greek and EM economies limited but recent volatility on EM financial markets has more likely been caused by concerns over the actions of the US Federal Reserve and the European Central Bank than by the Greek crisis.
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