# In an op-ed, NYU Global Research Professor Ian Bremmer discusses the potential financial consequences of failed debt talks in Greece

1 Faculty News June 29, 2015 ![Linkedin logo](/sites/default/files/styles/246w/public/assets/images/Linkedin%20logo_3.jpg?itok=0sUCcqrV)>

Excerpt from [LinkedIn](https://www.linkedin.com/pulse/greece-costs-crisis-ian-bremmer) -- "Since January 2015, 59 Greek businesses have closed down each day on average. Banks have hemorrhaged cash; since mid-December 2014, when elections were announced, more than €40 billion has been withdrawn by depositors. That includes more than €5 billion last week alone, and that was before Tsipras’ surprise announcement of a referendum announcement and subsequent capital controls. The true cost of shutting down Greek banks for a week are still too difficult to calculate, but it’s safe to assume it will cost Greece at least hundreds of millions of euros in lost economic activity."

[Read more](https://www.linkedin.com/pulse/greece-costs-crisis-ian-bremmer)