Who's exposed to a Greek exit?

A reintroduction of the drachma would ironically hurt Greece far less than its neighbours. But most other eurozone governments would have to carry a substantial burden.

It is widely assumed that an exit would be followed by a default because the new currency would depreciate so massively that debt service in euros would be impossible. This assumption is wrong. Most of Greece’s debt is foreign debt and must thus ultimately be serviced through higher exports or import compression.

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Daniel Gros, VoxEU

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