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European Leaders Don’t Want Greece To Leave The Euro, But…

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Well, if its Leninist prime minister-to-be can’t be reasoned with, the country might just find itself absentmindedly, accidentally outside of the Eurozone one day soon. By which they mean, they’ll put it in a position where it will be forced to print Monopoly-money drachmas because it won’t be sending those pretty euros to its banks anymore.

Without a deal with the Troika either to release earmarked bailout funds or to boost its borrowing, Greece might soon find itself forced to default on its debt. Worse, the ECB requires Greece to be in compliance with an agreed bailout program as a condition of the substantial support it is currently providing to the country’s banking system. If the ECB refused to continue to fund the banks, the government would have to issue its own currency to keep the economy from imploding—and Greece would be out of the euro.

‘Grexit’ Could Happen by Accident [WSJ]


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