15 May '12, 3pm

Greece: how we got here and what the coming months hold

Greece: how we got here and what the coming months hold

Once in default, there is little point Greece remaining inside the Eurozone. International banks have spent the last year ditching their Greek bonds, with official sources (like the ECB), Greek banks, and risk-addicted hedge funds being the only remaining buyers. A default will not hit banks outside of Greece too hard, and the ECB can withstand the losses. But those inside Greece will be wiped out. They will need recapitalising – stocking up with fresh funds - most likely under tight government control. Recapitalising banks in euros will not be possible without access to a ready supply of euros – and the ECB and others will not be keen to supply them. Recapitalisation in a new currency, however, is a possibility, the central bank effectively printing money to cope. A Greek banking collapse could quickly lead to a euro exit.

Full article: http://www.neweconomics.org/blog/2012/05/15/greek-austeri...

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