Fears of contagion from a "Grexit" have focused on the euro zone, but a messy exit from the currency union could also endanger the former-Communist countries bordering Greece.
As doubts mount over Greece's future in the euro zone, Capital Economics said on Thursday that the so-called frontier markets—countries that are too small in economic terms to be part of the emerging markets mainstream—bordering the country to the north were at risk.
"The growing threat of a Greek exit from the euro zone has cast a shadow over the outlook for European frontier markets," said John Ashbourne, Gareth Leather and Jason Tuvey in the Capital Economics report.