Voters in the United Kingdom have decided to leave the European Union. NY1's Shannan Ferry explains why some Astoria residents are split on whether or not a "Grexit" would help Greece's financial crisis.
Global markets were battered Friday after the United Kingdom (U.K.) voted to leave the European Union (E.U.).
Now, some Astoria residents are wondering how the change will affect family and friends in Greece, another nation that has considered leaving the E.U.
"I mean, I've seen families take one egg and fry it and eat it," one Astoria resident said. "Three people, that's how bad it is."
"Brexit" supporters argued that leaving the E.U. would, among other things, improve Britain's economy.
With Greece awash in debt, Greek-Americans are debating whether a "Grexit" would hurt or help the country's finances.
"The people are suffering," one resident said. "I think that Greece, just like England, will now maybe bring back manufacturing and create their own economy."
"Better off in the European Union, because Greece on their own, I don't think, will ever come back," said another resident.
Gian Luca Clementi, an associate professor of economics at New York University, says he doesn't think Greece will leave the European Union.
Instead, he believes creditors will reach an agreement with Greece that eases anger inside the country toward the E.U.
"I think what has to happen with Greece [is that] a good chunk of the loans are forgiven," Clementi said. "Their debt is several times more than their GDP."
The professor said that moving forward, the E.U. must focus on reform in order to keep remaining countries united.
"It's really in their own interest actually to show that the union is of help to countries in difficulty, and there is no country that is in more or greater difficulty than Greece," he said.
It could take time before the full impact on Greece is clear.
Britain's separation from the E.U. will likely take years to complete.