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Ten Dreadful Effects of Greece’s Exit From the Euro-zone (Jiang Shixue)

Ten Dreadful Effects of Greece’s Exit From the Euro-zone (Jiang Shixue)

Author:Jiang Shixue From:Site author Update:2017-08-21 13:43:35

Abstract:If Greek should exit from the Euro zone, it would not just be chaotic but also invite serious consequences in the following aspects: the banking system would be seriously endangered plunging its economy on the brink of immediate bankruptcy; restoring the new currency of drachma would involve across-the-board replacement of all the price tags in shops and the account books of public and private sectors, which would significantly increase its financial burden; great loss would be incurred to the IMF and the banking system of European countries; confidence in the market would be plummeting; international credibility of the Euro and the process of European integration will be adversely affected;  and Germanys’ leadership role in European affairs would be greatly undermined.

IES Innovation Project Briefing,No. 14, 2012.

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