The cost of a Greek Euro Exit for Spain
This paper summarizes the main costs of a Greek euro exit for Spain, including its central bank. It is assumed that, after having left the euro, Greece would be compelled to default on any pre-existing sovereign debt denominated in euro. Indeed the new national currency would sharply depreciate. The debts denominated in euro's would thus become enormous once converted into the new currency. It is hard to conceive how the country could pay the service of these debts.
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