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What Would Grexit Look Like?
Once a theoretical fear of euro-pessimists, Grexit—a Greek exit from the eurozone—may be soon upon us. The euro was designed to be an irrevocable currency; there is no procedure in its rules or treaties for a country to stop using it. So precisely what would happen is highly speculative. But let’s speculate. Q: How would Grexit arrive? A: Through the banks. There is no political or legal procedure for “ejecting” Greece from the euro, and Greece’s government has repeatedly said it doesn’t want to voluntarily withdraw. That suggests an exit would come if the state of the banks is so bad that there is no ... (full story)
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