Roundup: Greece braces for Brexit effect, calls for change of direction in EU

The day after the historical British referendum to leave the European Union (EU), Greece's political leaders called on Friday for calm and urgent action to address the EU's identity crisis.

Representatives of the business world, media, and experts on Friday weighed in on the potential effects of the Brexit on the ailing Greek economy.

"The project of European integration has suffered a major blow. The decision of the British people is respected, but it confirms a deep political crisis, an identity crisis, and a crisis in the European strategy," Greek Prime Minister Alexis Tsipras stated during a televised statement.

"We urgently need a new vision and a new start for the European Union," he said.

Almost a year after the July 5 Greek referendum on the third bailout deal with international lenders during which concern skyrocketed over a possible Grexit, Tsipras and leaders of the opposition parties called for unity among EU member states and drastic changes to avoid further problems in Europe.

Despite last year's resounding "No" vote to austerity by Greek voters, Athens struck a painful deal with its creditors and has achieved relative stability lately.

Following British voters' decision to leave the EU, the concern over the effect on Europe's "weak link" was increased, as shown by the dramatic drop of the general price index at the Athens Stock Exchange. It closed at 534.78 points on Friday afternoon, down by 13.42 percent from Thursday.

With bank shares hit hardest (about a 30 percent drop), Greek central bank sources reassured that the capital controls imposed on June 29, 2015 to avert the collapse of the domestic banking sector amidst the Greek crisis would act as a barrier and a Brexit would have limited impact on Greek lenders.

Athens Chamber of Commerce and Industry President Constantinos Michalos warned of turmoil in the Greek and international economies, calling for urgent collective action. "Each crisis gives birth to opportunities and this is the way we should see the British peoples' vote," he stressed in a press statement on Friday in an attempt to strike a positive tone.

Other analysts were more pessimistic.

"What are the obvious implications for Greece? Not great I'm afraid. As Europeans are seeing one of its most powerful economic engines leaving the union, it is more likely that they will also be more than happy to see Greece -- their most problematic and weakest link that is -- leave at the first available opportunity," Greek finance professor at the University of Liverpool, Costas Milas, commented in an opinion article in Kathimerini newspaper.

A Brexit may pave the way for more exits starting with a new round of speculation about a possible Grexit.

"A new chapter of insecurity opens across Europe and the EU does not have a plan B, not even a plan A for the management of the Brexit," Professor Konstantinos Filis, research director at the Athens Institute of International Relations noted in a comment in the news portal "Liberal." Endit