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How Greece could exit the euro

2012/05/29

Greece could exit the euro as early as June 17 should voters elect an anti-austerity government to power. How exactly woud Greece accomplish the unprecedented move? In the first step, euro-denominated deposits and domestic debt would be converted to drachmas. The drachma would then begin trading against other currencies. It would likely lose as much as 50% of its value. It could also makes foreign-held debt more difficult to service, as it would take more drachmas to repay the loans.