Durable considers the Moody’s their credit profiles European countries in a transient shock in the natural gasbut one cessation of supplies from Russia increases the risks for Europe if it lasts. THE Hellas ranked, according to the analysis, among the countries facing moderate risk.
The threats from Moscow to cut off gas supplies in “unfriendly” countries and continuing calls for tougher European sanctions against Russia increase the risk of a sharp rise in energy prices and inflation across Europe, Moody’s warns. He adds that at the same time, the risks of imposing a bulletin on energy consumption in countries that have great dependence from energy imports from Russia – especially gas – such as Slovakiathe Hungarythe Czech republicthe Germanythe Italy and the Austria.
“Although the direct impact on the European economy will be mitigated by the fact that the winter heating season has recently ended in most European countries, the imposition of a energy card and the consequent reduction or even cessation of energy-intensive industrial production cannot be ruled out for countries they are more dependent “, the analysts of the rating house explain. And they warn that this could push the European economy into recession this year.
“While we believe that European countries are resilient to an economic downturn triggered by a temporary cessation of Russian energy supplies, a sharp and permanent reduction in gas supplies could risk adversely affecting their economic and indirectly fiscal power. “countries that are more dependent on Russian gas,” analysts note.
And warn that and risk of social tensions will increase in Europe if there are further sharp increases in energy costs and inflation.
moneyreview
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