What the Debt Crisis Means for Business
The market reaction to the debt crisis in Greece and the euro zone has spooked investors across the world and led to heavy selling of stocks. But is the crisis actually impacting real businesses, given Greece makes up only two percent of euro zone gross domestic product?
CNBC spoke to three executives on Wednesday, who had all posted forecast-beating earnings and got their take on the sovereign debt crisis.
Rolf-Dieter Schwalb, the CFO of Dutch chemicals group DSM, says the Greek crisis is helping push the euro lower and that is helping us in some parts of business.
"It does of course mean that raw material prices are going up but we of course able to pass on this cost to customers. I believe the euro crisis does need to be solved urgently," Schwalb told CNBC.
Jim Hagemann Snabe, the Co-CEO of German software giant SAP, is confident with business conditions within Europe despite the Greek crisis.
"We believe there will be growth in all markets going forward," Snabe told CNBC.
Investments in IT from firms have been on hold during the crisis and "whatever happens with Greece, we will see a return to growth across all regions with Asia currently doing very well," he added.
"Of course the situation in Greece is serious," Snabe said, but added that he believes the euro zone remains strong and set for growth for SAP.
Stefan Krause, the CFO of Deutsche Bank told CNBC that the direct impact of Greece is not sizeable enough to "really create any larger differences, only the second magnitude, what it costs to other economies in Europe, and that's obviously highly speculative and really difficult to estimate what that could mean."
"We remain very confident that all the participants are doing their best in working out the problems and coming to a solution," Krause added.