Prime Minister Najib Abdul Razak said the financial crisis in Greece will not have any systemic effect on the Malaysian economy.

Najib, who is also Finance Minister, said he would monitor developments in Greece over the next one or two days.

"We will see the global impact but I want to see the development in the next one or two days. The key factor is whether Greece remains part of the Eurozone or it will pull out of it. We (Malaysia) have to see the event.

"We also need to monitor and see global sentiment and how it plays up," Najib said when commenting on whether Greece's financial collapse would impact Malaysia.

He earlier chaired the National Finance Council meeting in Putrajaya today.

Greece closed its bank operations and imposed a capital control exercise to avoid financial chaos after the breakdown of bailout talks with its international creditors.

The country is due to pay 1.6 billion euros to the International Monetary Fund within 48 hours and a default would result in Greece exiting the Eurozone.

- Bernama