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class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Dynamics subsection</span> </button> <ul id="toc-Dynamics-sublist" class="vector-toc-list"> <li id="toc-Financial_dynamics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Financial_dynamics"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Financial dynamics</span> </div> </a> <ul id="toc-Financial_dynamics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-International_law_dynamics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#International_law_dynamics"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>International law dynamics</span> </div> </a> <ul id="toc-International_law_dynamics-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-2012_Plan_Z" 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href="#Wolfson_Economics_Prize"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Wolfson Economics Prize</span> </div> </a> <ul id="toc-Wolfson_Economics_Prize-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Immediate_economic_fallout_inside_Greece" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Immediate_economic_fallout_inside_Greece"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Immediate economic fallout inside Greece</span> </div> </a> <ul id="toc-Immediate_economic_fallout_inside_Greece-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Political_opinion" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Political_opinion"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Political opinion</span> </div> </a> <ul id="toc-Political_opinion-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Economic_criticism" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Economic_criticism"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Economic criticism</span> </div> </a> <ul id="toc-Economic_criticism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2015_Grexit_speculation" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#2015_Grexit_speculation"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>2015 Grexit speculation</span> </div> </a> <ul id="toc-2015_Grexit_speculation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Theorized_effects_on_world_economies" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Theorized_effects_on_world_economies"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Theorized effects on world economies</span> </div> </a> <button aria-controls="toc-Theorized_effects_on_world_economies-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Theorized effects on world economies subsection</span> </button> <ul id="toc-Theorized_effects_on_world_economies-sublist" class="vector-toc-list"> <li id="toc-Effect_upon_the_European_economy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Effect_upon_the_European_economy"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.1</span> <span>Effect upon the European economy</span> </div> </a> <ul id="toc-Effect_upon_the_European_economy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Effect_upon_the_world_economy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Effect_upon_the_world_economy"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.2</span> <span>Effect upon the world economy</span> </div> </a> <ul id="toc-Effect_upon_the_world_economy-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Legality" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Legality"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>Legality</span> </div> </a> <ul id="toc-Legality-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">13</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">14</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" 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<input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 32 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-32" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">32 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%86%D8%B3%D8%AD%D8%A7%D8%A8_%D8%A7%D9%84%D9%8A%D9%88%D9%86%D8%A7%D9%86_%D9%85%D9%86_%D9%85%D9%86%D8%B7%D9%82%D8%A9_%D8%A7%D9%84%D9%8A%D9%88%D8%B1%D9%88" title="انسحاب اليونان من منطقة اليورو – Arabic" lang="ar" hreflang="ar" data-title="انسحاب اليونان من منطقة اليورو" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%93%D1%80%D0%B5%D0%BA%D1%81%D0%B8%D1%82" title="Грексит – Bulgarian" lang="bg" hreflang="bg" data-title="Грексит" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Grexit" title="Grexit – Catalan" lang="ca" hreflang="ca" data-title="Grexit" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Grexit" title="Grexit – Czech" lang="cs" hreflang="cs" data-title="Grexit" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Grexit" title="Grexit – German" lang="de" hreflang="de" data-title="Grexit" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%91%CF%80%CE%BF%CF%87%CF%8E%CF%81%CE%B7%CF%83%CE%B7_%CF%84%CE%B7%CF%82_%CE%95%CE%BB%CE%BB%CE%AC%CE%B4%CE%B1%CF%82_%CE%B1%CF%80%CF%8C_%CF%84%CE%B7%CE%BD_%CE%95%CF%85%CF%81%CF%89%CE%B6%CF%8E%CE%BD%CE%B7" title="Αποχώρηση της Ελλάδας από την Ευρωζώνη – Greek" lang="el" hreflang="el" data-title="Αποχώρηση της Ελλάδας από την Ευρωζώνη" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Salida_de_Grecia_de_la_eurozona" title="Salida de Grecia de la eurozona – Spanish" lang="es" hreflang="es" data-title="Salida de Grecia de la eurozona" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Grexit" title="Grexit – Basque" lang="eu" hreflang="eu" data-title="Grexit" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Exclusion_de_la_Gr%C3%A8ce_de_la_zone_euro" title="Exclusion de la Grèce de la zone euro – French" lang="fr" hreflang="fr" data-title="Exclusion de la Grèce de la zone euro" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Grexit" title="Grexit – Galician" lang="gl" hreflang="gl" data-title="Grexit" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B7%B8%EB%A0%89%EC%8B%9C%ED%8A%B8" title="그렉시트 – Korean" lang="ko" hreflang="ko" data-title="그렉시트" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%80%D5%B8%D6%82%D5%B6%D5%A1%D5%BD%D5%BF%D5%A1%D5%B6%D5%AB_%D5%B0%D5%A1%D5%BE%D5%A1%D5%B6%D5%A1%D5%AF%D5%A1%D5%B6_%D5%B0%D5%A5%D5%BC%D5%A1%D6%81%D5%B8%D6%82%D5%B4%D5%A8_%D4%B5%D5%BE%D6%80%D5%A1%D5%A3%D5%B8%D5%BF%D5%B8%D6%82%D6%81" title="Հունաստանի հավանական հեռացումը Եվրագոտուց – Armenian" lang="hy" hreflang="hy" data-title="Հունաստանի հավանական հեռացումը Եվրագոտուց" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Grexit" title="Grexit – Croatian" lang="hr" hreflang="hr" data-title="Grexit" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Keluarnya_Yunani_dari_Zona_Euro" title="Keluarnya Yunani dari Zona Euro – Indonesian" lang="id" hreflang="id" data-title="Keluarnya Yunani dari Zona Euro" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-ie mw-list-item"><a href="https://ie.wikipedia.org/wiki/Grexit" title="Grexit – Interlingue" lang="ie" hreflang="ie" data-title="Grexit" data-language-autonym="Interlingue" data-language-local-name="Interlingue" class="interlanguage-link-target"><span>Interlingue</span></a></li><li class="interlanguage-link interwiki-jv mw-list-item"><a href="https://jv.wikipedia.org/wiki/Grexit" title="Grexit – Javanese" lang="jv" hreflang="jv" data-title="Grexit" data-language-autonym="Jawa" data-language-local-name="Javanese" class="interlanguage-link-target"><span>Jawa</span></a></li><li class="interlanguage-link interwiki-lb mw-list-item"><a href="https://lb.wikipedia.org/wiki/Grexit" title="Grexit – Luxembourgish" lang="lb" hreflang="lb" data-title="Grexit" data-language-autonym="Lëtzebuergesch" data-language-local-name="Luxembourgish" class="interlanguage-link-target"><span>Lëtzebuergesch</span></a></li><li class="interlanguage-link interwiki-li mw-list-item"><a href="https://li.wikipedia.org/wiki/Grexit" title="Grexit – Limburgish" lang="li" hreflang="li" data-title="Grexit" data-language-autonym="Limburgs" data-language-local-name="Limburgish" class="interlanguage-link-target"><span>Limburgs</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Grexit" title="Grexit – Hungarian" lang="hu" hreflang="hu" data-title="Grexit" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Grexit" title="Grexit – Malay" lang="ms" hreflang="ms" data-title="Grexit" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Grexit" title="Grexit – Dutch" lang="nl" hreflang="nl" data-title="Grexit" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%82%AE%E3%83%AA%E3%82%B7%E3%83%A3%E3%81%AE%E3%83%A6%E3%83%BC%E3%83%AD%E5%9C%8F%E9%9B%A2%E8%84%B1" title="ギリシャのユーロ圏離脱 – Japanese" lang="ja" hreflang="ja" data-title="ギリシャのユーロ圏離脱" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Grexit" title="Grexit – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Grexit" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Grexit" title="Grexit – Polish" lang="pl" hreflang="pl" data-title="Grexit" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Grexit" title="Grexit – Portuguese" lang="pt" hreflang="pt" data-title="Grexit" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%92%D1%8B%D1%85%D0%BE%D0%B4_%D0%93%D1%80%D0%B5%D1%86%D0%B8%D0%B8_%D0%B8%D0%B7_%D0%B5%D0%B2%D1%80%D0%BE%D0%B7%D0%BE%D0%BD%D1%8B" title="Выход Греции из еврозоны – Russian" lang="ru" hreflang="ru" data-title="Выход Греции из еврозоны" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Grexit" title="Grexit – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Grexit" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Grexit" title="Grexit – Finnish" lang="fi" hreflang="fi" data-title="Grexit" data-language-autonym="Suomi" 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class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Hypothetical Greek withdrawal from the Euro currency</div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid 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2015 election</a></li> <li><a href="/wiki/2015_Greek_bailout_referendum" title="2015 Greek bailout referendum">2015 Greek bailout referendum</a></li> <li><a href="/wiki/September_2015_Greek_legislative_election" title="September 2015 Greek legislative election">September 2015 election</a></li></ul> <p><b>Greek government debt crisis articles:</b> </p> <ul><li><a class="mw-selflink selflink">Greek eurozone exit</a></li> <li><a href="/wiki/Greek_government-debt_crisis_timeline" title="Greek government-debt crisis timeline">Greek crisis timeline</a></li> <li><a href="/wiki/Greek_government-debt_crisis_countermeasures" title="Greek government-debt crisis countermeasures">Greek crisis countermeasures</a></li></ul></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Greek_economic_crisis" title="Template:Greek economic crisis"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Greek_economic_crisis" title="Template talk:Greek economic crisis"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Greek_economic_crisis" title="Special:EditPage/Template:Greek economic crisis"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>A <b>Greek withdrawal from the eurozone</b> was a hypothetical scenario, debated mostly in the early to mid 2010s, under which <a href="/wiki/Greece" title="Greece">Greece</a> would <a href="/wiki/Withdrawal_from_the_Eurozone" class="mw-redirect" title="Withdrawal from the Eurozone">withdraw from the Eurozone</a> to deal with the <a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a> of the time. This conjecture was given the nickname "<b>Grexit</b>", a <a href="/wiki/Portmanteau" class="mw-redirect" title="Portmanteau">portmanteau</a> combining the English words 'Greek' and 'exit',<sup id="cite_ref-auto_1-0" class="reference"><a href="#cite_note-auto-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-auto1_2-0" class="reference"><a href="#cite_note-auto1-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-grexit_6_3-0" class="reference"><a href="#cite_note-grexit_6-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> and which has been expressed in <a href="/wiki/Greek_language" title="Greek language">Greek</a> as <b><span title="Greek-language text"><span lang="el">ελλέξοδος</span></span></b> (from <span title="Greek-language text"><span lang="el">Ελλάς</span></span> + <span title="Greek-language text"><span lang="el">έξοδος</span></span> (<a href="/wiki/Greece" title="Greece"><span title="Greek-language romanization"><i lang="el-Latn">Hellas</i></span></a> + <span title="Greek-language romanization"><i lang="el-Latn">exodos</i></span>)).<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The term "<b>Graccident</b>" (accidental Grexit) was coined for the case that Greece exited the EU and the euro unintentionally. These terms first came into use in 2012 and have been revitalised at each of the <a href="/wiki/Bailout" title="Bailout">bailouts</a> made available to Greece after that. </p><p>Proponents of the proposal argued that leaving the <a href="/wiki/Euro" title="Euro">euro</a> and reintroducing the <a href="/wiki/Modern_drachma" title="Modern drachma">drachma</a> would dramatically boost exports and tourism, while discouraging expensive imports, which would give the Greek economy the possibility to recover and stand on its own feet. </p><p>Opponents argued that the proposal would impose excessive hardship on the Greek people, the short-term effects would be a significant consumption and wealth reduction for the Greek population. This had the potential to cause civil unrest in Greece and harm the reputation of the eurozone. Additionally, it could cause Greece to align more with non-EU states. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Detailed_events">Detailed events</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=1" title="Edit section: Detailed events"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The term 'Grexit' was coined by the <a href="/wiki/Citigroup" title="Citigroup">Citigroup</a> economist Ebrahim Rahbari and was introduced by Rahbari and Citigroup's Global Chief Economist <a href="/wiki/Willem_Buiter" title="Willem Buiter">Willem H. Buiter</a> on 6 February 2012.<sup id="cite_ref-auto_1-1" class="reference"><a href="#cite_note-auto-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-auto1_2-1" class="reference"><a href="#cite_note-auto1-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>On 27 January 2015, two days after an <a href="/wiki/January_2015_Greek_legislative_election" title="January 2015 Greek legislative election">early election</a> of the Greek parliament, <a href="/wiki/Alexis_Tsipras" title="Alexis Tsipras">Alexis Tsipras</a>, leader of the new <a href="/wiki/Syriza" title="Syriza">Syriza ("Coalition of the Radical Left") party</a>, formed <a href="/wiki/First_Cabinet_of_Alexis_Tsipras" title="First Cabinet of Alexis Tsipras">a new government</a>. He appointed <a href="/wiki/Yanis_Varoufakis" title="Yanis Varoufakis">Yanis Varoufakis</a> as <a href="/wiki/Minister_of_Finance" class="mw-redirect" title="Minister of Finance">Minister of Finance</a>, a particularly important post in view of the government debt crisis. During 2015 and 2016, the chance of a Grexit or even a 'Graccident' (accidental Grexit) in the near future was widely discussed.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>After the announcement of the <a href="/wiki/2015_Greek_bailout_referendum" title="2015 Greek bailout referendum">bailout referendum</a> on 27 June 2015 speculation rose. That day <a href="/wiki/BBC_News" title="BBC News">BBC News</a> reported that "default appears inevitable",<sup id="cite_ref-Inevitable_9-0" class="reference"><a href="#cite_note-Inevitable-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> though it later removed the online statement.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> On 29 June 2015 it was announced that Greek banks would remain closed all week, cash withdrawals from banks would be limited to €60 per day, and international money transfers would be limited to urgent pre-approved commercial transfers.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Background">Background</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=2" title="Edit section: Background"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="IMF's_projection"><span id="IMF.27s_projection"></span>IMF's projection</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=3" title="Edit section: IMF's projection"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (IMF) admitted that its forecast about Greek economy was too optimistic: in 2010 it described Greece's first bailout programme as a holding operation that gave the eurozone time to build a firewall to protect other vulnerable members, but in 2012 the unemployment rate of Greece became about 25 percent, compared to IMF's projection of about 15 percent.<sup id="cite_ref-bbc5jun2013IP_12-0" class="reference"><a href="#cite_note-bbc5jun2013IP-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> IMF conceded that it underestimated the damage that austerity programmes would do to the Greek economy,<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> adding that, in terms of Greece's debt, IMF should have considered a <a href="/wiki/Debt_restructuring" title="Debt restructuring">debt restructuring</a> earlier.<sup id="cite_ref-bbc5jun2013IP_12-1" class="reference"><a href="#cite_note-bbc5jun2013IP-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-imfG2010SBA_14-0" class="reference"><a href="#cite_note-imfG2010SBA-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Notice plainlinks metadata ambox ambox-notice" role="presentation" style="width:100%;margin:0;"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/1/1d/Information_icon4.svg/40px-Information_icon4.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/1/1d/Information_icon4.svg/60px-Information_icon4.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/1/1d/Information_icon4.svg/80px-Information_icon4.svg.png 2x" data-file-width="620" data-file-height="620" /></span></span></div></td><td class="mbox-text" style="text-align: left;"><div class="mbox-text-span">Graphs are unavailable due to technical issues. There is more info on <a href="https://phabricator.wikimedia.org/T334940" class="extiw" title="phab:T334940">Phabricator</a> and on <a href="https://www.mediawiki.org/wiki/Extension:Graph/Plans" class="extiw" title="mw:Extension:Graph/Plans">MediaWiki.org</a>.</div></td></tr></tbody></table> <p>As can be seen from the Figure A, IMF's forecast in the 2010 standby agreement said that the Southern European country would start to grow in real terms after 2011.<sup id="cite_ref-imfG2010SBA_14-1" class="reference"><a href="#cite_note-imfG2010SBA-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> But in fact the economy continued to shrink, and Greek real GDP in 2013 was about 76 percent of that in 2008.<sup id="cite_ref-PRKCL25jun2015AG_15-0" class="reference"><a href="#cite_note-PRKCL25jun2015AG-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-oecdNAOCVol2014F_16-0" class="reference"><a href="#cite_note-oecdNAOCVol2014F-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Dynamics">Dynamics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=4" title="Edit section: Dynamics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Financial_dynamics">Financial dynamics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=5" title="Edit section: Financial dynamics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In mid-May 2012, <a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">the financial crisis in Greece</a> and the impossibility of forming a new government after elections<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> led to strong speculation that Greece would leave the eurozone shortly.<sup id="cite_ref-grexit_1_18-0" class="reference"><a href="#cite_note-grexit_1-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-grexit_2_19-0" class="reference"><a href="#cite_note-grexit_2-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-grexit_4_20-0" class="reference"><a href="#cite_note-grexit_4-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> This phenomenon had already become known as "<i><a href="https://en.wiktionary.org/wiki/Grexit" class="extiw" title="wikt:Grexit">Grexit</a></i>".<sup id="cite_ref-grexit_8_21-0" class="reference"><a href="#cite_note-grexit_8-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>Economists who favour this approach to solve the Greek debt crisis argue that a <a href="/wiki/Default_(finance)" title="Default (finance)">default</a> is unavoidable for Greece in the long term, and that a delay in organising an orderly default (by lending Greece more money throughout a few more years) would just wind up hurting EU lenders and neighbouring European countries even more.<sup id="cite_ref-telegraph-head-in-sand_22-0" class="reference"><a href="#cite_note-telegraph-head-in-sand-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Fiscal austerity or a euro exit is the alternative to accepting differentiated government bond yields within the Euro Area. If Greece remains in the euro while accepting higher bond yields, reflecting its high government deficit, then high interest rates would dampen demand, raise savings and slow the economy. An improved trade performance and less reliance on foreign capital would be the result.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2010)">citation needed</span></a></i>]</sup> </p><p>The implementation of Grexit would have to occur "within days or even hours of the decision being made"<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Bloomberg_24-0" class="reference"><a href="#cite_note-Bloomberg-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> due to the high volatility that would result. It would have to be timed at one of the <a href="/wiki/Public_holidays_in_Greece" title="Public holidays in Greece">public holidays in Greece</a>.<sup id="cite_ref-Greece_switch_25-0" class="reference"><a href="#cite_note-Greece_switch-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="International_law_dynamics">International law dynamics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=6" title="Edit section: International law dynamics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>One US economist<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Unsupported_attributions" title="Wikipedia:Manual of Style/Words to watch"><span title="The material near this tag possibly uses too-vague attribution or weasel words. (October 2018)">who?</span></a></i>]</sup> has argued that the legal grounds upon which the "troika", composed by the <a href="/wiki/EU_Commission" class="mw-redirect" title="EU Commission">EU Commission</a>, the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> and the <a href="/wiki/IMF" class="mw-redirect" title="IMF">IMF</a>, has pursued the harsh macroeconomic adjustment plans imposed on Greece are shaky, claiming they infringe upon Greece's <a href="/wiki/Sovereignty" title="Sovereignty">sovereignty</a> and interfere in the internal affairs of an independent EU <a href="/wiki/Nation-state" class="mw-redirect" title="Nation-state">nation-state</a>: "the overt infringements on Greek sovereignty we're witnessing today, with EU policy makers now double-checking all national data and carefully 'monitoring' the work of the Greek government sets a dangerous precedent."<sup id="cite_ref-Firzli,_M._Nicolas_26-0" class="reference"><a href="#cite_note-Firzli,_M._Nicolas-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>He argues that a withdrawal from the Eurozone would give the Greek government more room for maneuver to conduct public policies propitious for long-term growth and social equity.<sup id="cite_ref-Firzli,_M._Nicolas_26-1" class="reference"><a href="#cite_note-Firzli,_M._Nicolas-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="2012_Plan_Z">2012 Plan Z</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=7" title="Edit section: 2012 Plan Z"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>"Plan Z" is the name given to a 2012 plan to enable Greece to withdraw from the eurozone in the event of Greek bank collapse.<sup id="cite_ref-FTGREXIT_27-0" class="reference"><a href="#cite_note-FTGREXIT-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> It was drawn up in absolute secrecy by small teams totalling approximately two dozen officials at the EU Commission (Brussels), the European Central Bank (Frankfurt) and the IMF (Washington).<sup id="cite_ref-FTGREXIT_27-1" class="reference"><a href="#cite_note-FTGREXIT-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> Those officials were headed by <a href="/wiki/J%C3%B6rg_Asmussen" title="Jörg Asmussen">Jörg Asmussen</a> (ECB), Thomas Wieser (Euro working group), Poul Thomsen (IMF) and Marco Buti (European Commission).<sup id="cite_ref-FTGREXIT_27-2" class="reference"><a href="#cite_note-FTGREXIT-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> To prevent premature disclosure no single document was created, no emails were exchanged, and no Greek officials were informed.<sup id="cite_ref-FTGREXIT_27-3" class="reference"><a href="#cite_note-FTGREXIT-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> The plan was based on the 2003 introduction of <a href="/wiki/Iraqi_dinar" title="Iraqi dinar">new dinars</a> into Iraq by the Americans and would have required rebuilding the Greek economy and banking system <i><a href="/wiki/Ab_initio" title="Ab initio">ab initio</a></i>, including isolating Greek banks by disconnecting them from the <a href="/wiki/TARGET2" title="TARGET2">TARGET2</a> system, closing ATMs, and imposing capital and currency controls.<sup id="cite_ref-FTGREXIT_27-4" class="reference"><a href="#cite_note-FTGREXIT-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Implementation">Implementation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=8" title="Edit section: Implementation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The prospect of Greece leaving the euro and dealing with a devalued drachma prompted many people to start withdrawing their euros from the country's banks.<sup id="cite_ref-TheSpec_28-0" class="reference"><a href="#cite_note-TheSpec-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> In the nine months to March 2012, deposits in Greek banks had already fallen 13% to <a href="/wiki/Euro" title="Euro">€</a>160,000,000,000.<sup id="cite_ref-Bloomberg_24-1" class="reference"><a href="#cite_note-Bloomberg-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>A victory for anti-bailout lawmakers in the <a href="/wiki/June_2012_Greek_legislative_election" title="June 2012 Greek legislative election">17 June 2012 election</a> would likely trigger an even bigger <a href="/wiki/Bank_run" title="Bank run">bank run</a>, said Dimitris Mardas, associate professor of economics at the <a href="/wiki/Aristotle_University_of_Thessaloniki" title="Aristotle University of Thessaloniki">University of Thessaloniki</a>. Greek authorities, Mardas predicted, would respond by <a href="/wiki/Capital_controls" class="mw-redirect" title="Capital controls">imposing controls on the movement of money</a> for as long as it takes for the panic to subside.<sup id="cite_ref-TheSpec_28-1" class="reference"><a href="#cite_note-TheSpec-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>Against this plan, a political initiative, the so-called <a href="/wiki/Menoume_Europi" title="Menoume Europi">Menoume Europi</a> was founded in 2012 by students in <a href="/wiki/Oxford_University" class="mw-redirect" title="Oxford University">Oxford University</a>,<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> and it spread among Greek students in other European universities. The first demonstration took place in Athens, Syntagma Square in June 2012 in between two major elections that brought to the country political instability and financial insecurity. </p><p>A Grexit, assuming that it coincided with adoption of a new currency, would require preparation, for example with capacity for banknote stamping or printing a stock of new banknotes. However, information leaking out on such preparations might lead to negative dynamic effects, like bank runs. Conversely, leaving the Eurozone, but retaining the Euro as de facto currency, would avoid the practical issues and relieve the country of the burden of its Eurozone responsibilities.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2015)">citation needed</span></a></i>]</sup> </p><p>In the event of a new currency being introduced, all banks would close for several days to allow old (Euro) banknotes to be stamped to denote that they were now drachmas, and/or a newly printed currency to be distributed to bank branches for distribution to the public when banks reopened. The British money printing company <a href="/wiki/De_La_Rue" title="De La Rue">De La Rue</a> was, according to rumours on 18 May 2012, preparing to print new drachma notes based on old moulds, which De La Rue refused to comment.<sup id="cite_ref-Bloomberg_24-2" class="reference"><a href="#cite_note-Bloomberg-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> The typical time between an order for a new currency being placed and the delivery of the banknotes is about six months.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Wolfson_Economics_Prize">Wolfson Economics Prize</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=9" title="Edit section: Wolfson Economics Prize"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In July 2012, the <a href="/wiki/Wolfson_Economics_Prize" title="Wolfson Economics Prize">Wolfson Economics Prize</a>, a prize for the "best proposal for a country to leave the European Monetary Union", was awarded to a <a href="/wiki/Capital_Economics" title="Capital Economics">Capital Economics</a> team led by <a href="/wiki/Roger_Bootle" title="Roger Bootle">Roger Bootle</a>, for their submission titled "Leaving the Euro: A Practical Guide".<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> The winning proposal argued that a member wishing to exit should introduce a new currency and default on a large part of its debts. The net effect, the proposal claimed, would be positive for growth and prosperity. It also called for keeping the euro for small transactions and for a short period of time after the exit from the eurozone, along with a strict regime of inflation-targeting and tough fiscal rules monitored by "independent experts". </p><p>The Roger Bootle/Capital Economics plan also suggested that "key officials" should meet "in secret" one month before the exit is publicly announced, and that eurozone partners and international organisations should be informed "three days before". The judges of the Wolfson Economics Prize found that the winning plan was the "most credible solution" to the question of a member state leaving the eurozone. </p> <div class="mw-heading mw-heading2"><h2 id="Immediate_economic_fallout_inside_Greece">Immediate economic fallout inside Greece</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=10" title="Edit section: Immediate economic fallout inside Greece"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 29 May 2012, the <a href="/wiki/National_Bank_of_Greece" title="National Bank of Greece">National Bank of Greece</a> (not to be confused with the central bank, the <a href="/wiki/Bank_of_Greece" title="Bank of Greece">Bank of Greece</a>) warned that "[a]n exit from the euro would lead to a significant decline in the living standards of Greek citizens." According to the announcement, <a href="/wiki/Per_capita_income" title="Per capita income">per capita income</a> would fall by 55%, the new national currency would depreciate by 65% vis-à-vis the euro, and the recession would deepen to 22%. Furthermore, unemployment would rise from its current 22% to 34% of the work force, and inflation, which was then at 2%, would soar to 30%.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p><p>According to the Greek think-tank Foundation for Economic and Industrial Research (IOBE), a new drachma would lose half or more of its value relative to the euro.<sup id="cite_ref-TheSpec_28-2" class="reference"><a href="#cite_note-TheSpec-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> This would drive up inflation, and reduce the <a href="/wiki/Purchasing_power" title="Purchasing power">purchasing power</a> of the average Greek. At the same time, the country's economic output would drop, putting more people out of work where one in five is already unemployed. The prices of imported goods would skyrocket, putting them out of reach for many.<sup id="cite_ref-TheSpec_28-3" class="reference"><a href="#cite_note-TheSpec-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>Analyst Vangelis Agapitos estimated that inflation under the new drachma would quickly reach 40 to 50 per cent to catch up with the fall in the new currency's value.<sup id="cite_ref-TheSpec_28-4" class="reference"><a href="#cite_note-TheSpec-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> To stop the falling value of the drachma, interest rates would have to be increased to as high as 30 to 40 per cent, according to Agapitos.<sup id="cite_ref-TheSpec_28-5" class="reference"><a href="#cite_note-TheSpec-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> People would then be unable to pay off their loans and mortgages and the country's banks would have to be nationalised to stop them from going under, he predicted.<sup id="cite_ref-TheSpec_28-6" class="reference"><a href="#cite_note-TheSpec-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>IOBE head of research Aggelos Tsakanikas foresaw an increase in crime as a consequence of a Grexit, as people struggled to pay bills. "We won’t see tanks in the streets and violence, we won’t see people starving in the streets, but crime could very well rise".<sup id="cite_ref-TheSpec_28-7" class="reference"><a href="#cite_note-TheSpec-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Political_opinion">Political opinion</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=11" title="Edit section: Political opinion"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The centre-right <a href="/wiki/New_Democracy_(Greece)" title="New Democracy (Greece)">New Democracy</a> party accused the leftist <a href="/wiki/SYRIZA" class="mw-redirect" title="SYRIZA">SYRIZA</a> of supporting withdrawal from the euro. SYRIZA's leader, <a href="/wiki/Alexis_Tsipras" title="Alexis Tsipras">Alexis Tsipras</a>, gave contradictory statements stating that "the currency is not a fetish" and that SYRIZA will say "no" to the stay of the country in the eurozone if the price for the Greek people is too great <sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> and a few days later that Greece should not leave the eurozone and return to the drachma because "...we will have poor people, who have drachmas, and rich people, who will buy everything with euros."<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> Past opinion polling had shown that generally most Greeks favored keeping the euro.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p>Of all the political parties which won seats in the parliamentary election in May 2012, the <a href="/wiki/Communist" class="mw-redirect" title="Communist">Communist</a> <a href="/wiki/Communist_Party_of_Greece" title="Communist Party of Greece">KKE</a> expressed support for leaving both the euro and the <a href="/wiki/European_Union" title="European Union">European Union</a>.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> However, its General Secretary, <a href="/wiki/Dimitris_Koutsoumpas" title="Dimitris Koutsoumpas">Dimitris Koutsoumpas</a>, pondered: "The exit from the EU and the euro will be hazardous, a blind alley unless it is combined with a concrete plan, a programme for the economy and society, with a new organization of society, i.e. a socialist society with the socialization of the concentrated means of production, unilateral cancelation of the debt, working class and people's power."<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Golden_Dawn_(political_party)" class="mw-redirect" title="Golden Dawn (political party)">Golden Dawn</a> was also staunchly <a href="/wiki/Euroscepticism" title="Euroscepticism">Eurosceptic</a>, opposing Greece's participation in the <a href="/wiki/European_Union" title="European Union">European Union</a> and the <a href="/wiki/Eurozone" title="Eurozone">eurozone</a>.<sup id="cite_ref-eurosceptic_38-0" class="reference"><a href="#cite_note-eurosceptic-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-euroscepticism_39-0" class="reference"><a href="#cite_note-euroscepticism-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p><p>On 21 August 2015, 25 MPs from SYRIZA split from the party and formed <a href="/wiki/Popular_Unity_(Greece)" title="Popular Unity (Greece)">Popular Unity</a>, which fully supported leaving the euro.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> In the <a href="/wiki/September_2015_Greek_legislative_election" title="September 2015 Greek legislative election">September 2015 Greek legislative election</a>, the party won 2.8% of the popular vote, winning no seats. </p><p>Both the Greek government and the EU favoured Greece staying within the Euro and believed this to be possible. However, some commentators believed an exit was likely. In February 2015, the former head of the <a href="/wiki/US_Federal_Reserve" class="mw-redirect" title="US Federal Reserve">US Federal Reserve</a>, <a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a>, said "it is just a matter of time" for Greece to withdraw from the eurozone,<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> and former <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> <a href="/wiki/Chancellor_of_the_Exchequer" title="Chancellor of the Exchequer">Chancellor of the Exchequer</a> <a href="/wiki/Kenneth_Clarke" title="Kenneth Clarke">Kenneth Clarke</a> described it as inevitable.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p><p>A leaked document revealed that, during informal discussions with one of the European leaders, then UK Prime Minister <a href="/wiki/David_Cameron" title="David Cameron">David Cameron</a> suggested that Greece might be better off if it exited the eurozone. British officials declined to comment on the leaked document.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Economic_criticism">Economic criticism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=12" title="Edit section: Economic criticism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Richard_Koo" title="Richard Koo">Richard Koo</a>, chief economist for <a href="/wiki/Nomura_Research_Institute" title="Nomura Research Institute">Nomura Research Institute</a>, accused IMF and EU of basing their negotiation position on unrealistic assumptions. As Koo pointed out, IMF's argument was that if the austerity programme had been implemented as assumed, no further debt relief would have been needed under 2012's framework.<sup id="cite_ref-bs15jul2015RKC_44-0" class="reference"><a href="#cite_note-bs15jul2015RKC-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> The EU's argument was that Greece encountered a difficult situation in 2015 because it delayed implementation of structural reforms. Koo said that the argument was highly unrealistic because structural reforms do not work in a short run, adding that the US did not benefit from the <a href="/wiki/Reaganomics" title="Reaganomics">Reaganomics</a> structural reforms during Reagan's era.<sup id="cite_ref-bs15jul2015RKC_44-1" class="reference"><a href="#cite_note-bs15jul2015RKC-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> After publishing documents which admit that the southern European country needs debt relief and a moratorium on debt repayment for 30 years,<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> the IMF was only "slowly beginning to understand" the Greek economy, said Koo.<sup id="cite_ref-bs15jul2015RKC_44-2" class="reference"><a href="#cite_note-bs15jul2015RKC-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="2015_Grexit_speculation">2015 Grexit speculation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=13" title="Edit section: 2015 Grexit speculation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In January 2015, speculation about a Greek exit from the eurozone was revived when <a href="/wiki/Michael_Fuchs_(politician)" title="Michael Fuchs (politician)">Michael Fuchs</a>, deputy leader of the center-right <a href="/wiki/CDU/CSU" title="CDU/CSU">CDU/CSU</a> faction in the <a href="/wiki/German_Bundestag" class="mw-redirect" title="German Bundestag">German Bundestag</a>, was quoted on 31 December 2014: "The time when we had to rescue Greece is over. There is no more blackmail potential. Greece is not systemically relevant for the euro." A following article in the weekly <a href="/wiki/Der_Spiegel" title="Der Spiegel">Spiegel</a> citing sources from <a href="/wiki/Wolfgang_Sch%C3%A4uble" title="Wolfgang Schäuble">Wolfgang Schäuble</a>'s <a href="/wiki/German_Ministry_of_Finance" class="mw-redirect" title="German Ministry of Finance">ministry of finance</a> further spurred these speculations. Both German and international media widely interpreted this as the <a href="/wiki/Second_Merkel_cabinet" title="Second Merkel cabinet">Merkel government</a> tacitly warning Greek voters from voting for <a href="/wiki/Coalition_of_the_Radical_Left" class="mw-redirect" title="Coalition of the Radical Left">SYRIZA</a> in the upcoming <a href="/wiki/January_2015_Greek_legislative_election" title="January 2015 Greek legislative election">legislative election</a> of 25 January 2015.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p><p>Germany's largest selling tabloid, the <a href="/wiki/Right-wing_populism" title="Right-wing populism">right-wing populist</a> <a href="/wiki/Bild" title="Bild">Bild</a>, raised further anger when it compared Greece to an unfair footballer: "What happens to a footballer who breaks the rules and does a crude foul? – He leaves the pitch. He is sent off as a punishment. No question."<sup id="cite_ref-ft15_47-0" class="reference"><a href="#cite_note-ft15-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p><p>The German government's interference in the <a href="/wiki/January_2015_Greek_legislative_election" title="January 2015 Greek legislative election">January 2015 elections in Greece</a> was strongly criticized by leaders of <a href="/wiki/Political_groups_of_the_European_Parliament" title="Political groups of the European Parliament">European Parliament groups</a> including <a href="/wiki/Progressive_Alliance_of_Socialists_and_Democrats" title="Progressive Alliance of Socialists and Democrats">Socialists & Democrats</a> (S&D), the liberal <a href="/wiki/Alliance_of_Liberals_and_Democrats_for_Europe_Group" class="mw-redirect" title="Alliance of Liberals and Democrats for Europe Group">ALDE</a> and the <a href="/wiki/The_Greens%E2%80%93European_Free_Alliance" class="mw-redirect" title="The Greens–European Free Alliance">Greens/EFA</a> group, when S&D president <a href="/wiki/Gianni_Pittella" title="Gianni Pittella">Gianni Pittella</a> said, "German right-wing forces trying to act like a sheriff in Greece or any other member states is not only unacceptable but above all wrong."<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> It has also been criticized by the German opposition party <a href="/wiki/Alliance_%2790/The_Greens" class="mw-redirect" title="Alliance '90/The Greens">The Greens</a>', with its speaker <a href="/wiki/Simone_Peter" title="Simone Peter">Simone Peter</a> calling the debate over a Grexit "highly irresponsible".<sup id="cite_ref-ft15_47-1" class="reference"><a href="#cite_note-ft15-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p><p>Economists of German <a href="/wiki/Commerzbank" title="Commerzbank">Commerzbank</a> said that preventing a Greek exit was still desirable for Germany, since a Greek exit would wipe out billions of euros in European taxpayer money, and "it would be much easier politically to renegotiate a compromise with Greece, albeit a lame one, and thus maintain the fiction that Greece will pay back its loans at some point in time."<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/FTSE_Group" title="FTSE Group">FTSE</a> "considers Grexit following the election to be highly unlikely...".<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p><p>On 9 February, UK Prime Minister <a href="/wiki/David_Cameron" title="David Cameron">David Cameron</a> chaired a meeting to discuss any possible ramifications in the event of an exit.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> According to a <a href="/wiki/Bloomberg_L.P." title="Bloomberg L.P.">Bloomberg</a> report <a href="/wiki/George_Osborne" title="George Osborne">George Osborne</a> said at the meeting of the <a href="/wiki/G-20_major_economies" class="mw-redirect" title="G-20 major economies">G-20</a> finance ministers in Istanbul: "A Greek exit from the euro would be very difficult for the world economy and potentially very damaging for the European economy."<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> </p><p>In February 2015, the <a href="/wiki/Russian_government" class="mw-redirect" title="Russian government">Russian government</a> stated that it would offer Greece aid but would only provide it in <a href="/wiki/Russian_ruble" title="Russian ruble">rubles</a>.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Kathimerini" title="Kathimerini">Kathimerini</a> reported that after 16 February <a href="/wiki/Eurogroup" title="Eurogroup">Eurogroup</a> talks <a href="/wiki/Commerzbank" title="Commerzbank">Commerzbank</a> AG increased the risk of Greece exiting the euro to 50%.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> The expression used by <a href="/wiki/Time_(magazine)" title="Time (magazine)"><i>Time</i></a> for these talks is "Greece and the Euro Zone dance on the precipice".<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p><p>After an emergency meeting of eurozone finance ministers (20 February 2015), European leaders agreed to extend Greece's bailout for further four months.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> </p><p>By late June 2015 negotiations on a deal had collapsed, and Prime Minister <a href="/wiki/Alexis_Tsipras" title="Alexis Tsipras">Alexis Tsipras</a> called a <a href="/wiki/2015_Greek_bailout_referendum" title="2015 Greek bailout referendum">referendum</a> for 5 July on the revised proposals from the IMF and the EU, which he said that his government would campaign against. The referendum was defeated by a margin of 61% to 39%. Eurozone finance ministers have refused to extend the bailout. </p><p>Questioned on whether the referendum would be a euro-drachma dilemma, Greece's finance minister, Yanis Varoufakis, said that European Treaties make provisions for an exit from the EU but do not make any provisions for an exit from the Eurozone. A referendum as a choice involving exit from the Eurozone would violate EU Treaties and EU Law.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Theorized_effects_on_world_economies">Theorized effects on world economies</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=14" title="Edit section: Theorized effects on world economies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Effect_upon_the_European_economy">Effect upon the European economy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=15" title="Edit section: Effect upon the European economy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:When_Greece_falls.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b9/When_Greece_falls.jpg/220px-When_Greece_falls.jpg" decoding="async" width="220" height="178" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b9/When_Greece_falls.jpg/330px-When_Greece_falls.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/b/b9/When_Greece_falls.jpg 2x" data-file-width="440" data-file-height="356" /></a><figcaption>A political cartoon of the "<a href="/wiki/Domino_effect" title="Domino effect">domino effect</a>" view of a Grexit.</figcaption></figure> <p>Claudia Panseri, head of equity strategy at <a href="/wiki/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale" title="Société Générale">Société Générale</a>, speculated in late May 2012 that eurozone stocks could plummet up to 50 percent in value if Greece makes a disorderly exit from the eurozone.<sup id="cite_ref-CNBC_58-0" class="reference"><a href="#cite_note-CNBC-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Bond_market" title="Bond market">Bond yields</a> in other European nations could widen 1 <a href="/wiki/Percentage_point" title="Percentage point">percent point</a> to 2 percent points, negatively affecting their ability to service their own sovereign debts.<sup id="cite_ref-CNBC_58-1" class="reference"><a href="#cite_note-CNBC-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Effect_upon_the_world_economy">Effect upon the world economy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=16" title="Edit section: Effect upon the world economy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Europe in 2010 accounted for 25 percent of <a href="/wiki/International_trade" title="International trade">world trade</a>, according to <a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a>.<sup id="cite_ref-CNBC_58-2" class="reference"><a href="#cite_note-CNBC-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> Economic depression within the European economy would ripple worldwide and slow global growth.<sup id="cite_ref-CNBC_58-3" class="reference"><a href="#cite_note-CNBC-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> However, Greece represents just <a href="/wiki/List_of_sovereign_states_in_Europe_by_GDP_(PPP)" title="List of sovereign states in Europe by GDP (PPP)">a small fraction</a>—less than 2 per cent—of European <a href="/wiki/Gross_domestic_product" title="Gross domestic product">gross domestic product</a> (GDP). </p> <div class="mw-heading mw-heading2"><h2 id="Legality">Legality</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=17" title="Edit section: Legality"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A <a href="/wiki/Working_paper" title="Working paper">working paper</a> published 2009 by the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> concluded:<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>… that negotiated withdrawal from the EU would not be legally impossible even prior to the ratification of the <a href="/wiki/Treaty_of_Lisbon" title="Treaty of Lisbon">Lisbon Treaty</a>, and that unilateral withdrawal would undoubtedly be legally controversial; that, while permissible, a <a href="/wiki/Withdrawal_from_the_European_Union#Procedure" title="Withdrawal from the European Union">recently enacted exit clause</a> is, <span title="Latin-language text"><i lang="la"><a href="/wiki/Prima_facie" title="Prima facie">prima facie</a></i></span>, not in harmony with the rationale of the European unification project and is otherwise problematic, mainly from a legal perspective; that a Member State's exit from <a href="/wiki/Economic_and_Monetary_Union_of_the_European_Union" title="Economic and Monetary Union of the European Union">EMU</a>, without a parallel withdrawal from the EU, would be legally inconceivable; and that, while perhaps feasible through indirect means, a Member State's <a href="/wiki/Article_7_of_the_Treaty_on_European_Union" title="Article 7 of the Treaty on European Union">expulsion from the EU</a> or EMU, would be legally next to impossible.</p></blockquote> <p>In the absence of any ruling by the <a href="/wiki/European_Court_of_Justice" title="European Court of Justice">European Court of Justice</a>, the question of whether a country can unilaterally leave the Eurozone without leaving the EU is unclear. Jens Christian Dammann, a law professor at the <a href="/wiki/University_of_Texas" class="mw-redirect" title="University of Texas">University of Texas</a>, has suggested that under certain conditions, it is possible for a Member State to do so.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=18" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/2015_Greek_bailout_referendum" title="2015 Greek bailout referendum">2015 Greek bailout referendum</a></li> <li><a href="/wiki/Brexit" title="Brexit">Brexit</a> - A term with a similar origin</li> <li><a href="/wiki/Currency_substitution" title="Currency substitution">Currency substitution</a></li> <li><a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a></li> <li><a href="/wiki/Multi-speed_Europe" title="Multi-speed Europe">Multi-speed Europe</a></li> <li><a href="/wiki/Withdrawal_from_the_European_Union" title="Withdrawal from the European Union">Withdrawal from the European Union</a></li> <li><a href="/wiki/Withdrawal_from_the_Eurozone" class="mw-redirect" title="Withdrawal from the Eurozone">Withdrawal from the Eurozone</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=19" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-auto-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-auto_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-auto_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2015-06-28/economist-who-coined-grexit-now-says-greece-will-stay-in-euro">Economist Who Coined ‘Grexit’ Now Says Greece Will Stay in Euro</a>. By Flavia Krause-Jackson. Bloomberg Business, 28 June 2015</span> </li> <li id="cite_note-auto1-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-auto1_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-auto1_2-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.ft.com/intl/cms/s/0/9e59bcfc-4b74-11e2-88b5-00144feab49a.html#axzz3jdOE1rxd">A year in a word: Grexit</a>. By Ralph Atkins. <i><a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a></i>, 23 December 2012</span> </li> <li id="cite_note-grexit_6-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-grexit_6_3-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFBuiter,_Willem_and_Ebrahim_Rahbari2012" class="citation web cs1"><a href="/wiki/Willem_Buiter" title="Willem Buiter">Buiter, Willem</a> and Ebrahim Rahbari (6 February 2012). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120616202755/http://willembuiter.com/grexit.pdf">"Rising Risks of Greek Euro Area Exit"</a> <span class="cs1-format">(PDF)</span>. Citigroup. Archived from <a rel="nofollow" class="external text" href="http://willembuiter.com/grexit.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 16 June 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">17 May</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Rising+Risks+of+Greek+Euro+Area+Exit&rft.pub=Citigroup&rft.date=2012-02-06&rft.au=Buiter%2C+Willem+and+Ebrahim+Rahbari&rft_id=http%3A%2F%2Fwillembuiter.com%2Fgrexit.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="http://www.pulse.gr/diastaseis-grexit-opos-ellexodos/news/2486897/">"Διαστάσεις grexit οπως ελλέξοδος [?]"</a> [Grexit dimensions such as ελλέξοδος]. <i>Pulse</i> (in Greek). 13 February 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">5 October</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Pulse&rft.atitle=%CE%94%CE%B9%CE%B1%CF%83%CF%84%CE%AC%CF%83%CE%B5%CE%B9%CF%82+grexit+%CE%BF%CF%80%CF%89%CF%82+%CE%B5%CE%BB%CE%BB%CE%AD%CE%BE%CE%BF%CE%B4%CE%BF%CF%82+%5B%3F%5D&rft.date=2012-02-13&rft_id=http%3A%2F%2Fwww.pulse.gr%2Fdiastaseis-grexit-opos-ellexodos%2Fnews%2F2486897%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged June 2022">dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup> (Title may not be accurate, inferred from URL)</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><a href="/wiki/Le_Figaro" title="Le Figaro">lefigaro.fr</a> 18. February 2015: <a rel="nofollow" class="external text" href="http://www.lefigaro.fr/conjoncture/2015/02/18/20002-20150218ARTFIG00175--quoi-ressemblerait-la-sortie-de-l-euro-de-la-grece.php">À quoi ressemblerait la sortie de l'euro de la Grèce</a></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">sueddeutsche.de 4. March 2015: <a rel="nofollow" class="external text" href="http://sz.de/1.2375256">Tsipras will die Machtprobe – und wird sie verlieren. - Die Grundregel der Finanzmarkt-Kommunikation in Krisenzeiten lautet: Klappe halten. Doch Athen tut alles, um seine hilfsbereiten Euro-Partner zu verprellen. Der Austritt Griechenlands aus der Währungsunion steht bevor.</a></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><a href="/wiki/Deutsche_Welle" title="Deutsche Welle">Deutsche Welle</a>: <a rel="nofollow" class="external text" href="http://www.dw.de/%CE%BF-%CE%B2%CE%B1%CF%81%CE%BF%CF%85%CF%86%CE%AC%CE%BA%CE%B7%CF%82-%CF%80%CF%81%CE%AD%CF%80%CE%B5%CE%B9-%CE%BD%CE%B1-%CF%80%CE%B1%CF%81%CE%BF%CF%85%CF%83%CE%B9%CE%AC%CF%83%CE%B5%CE%B9-%CE%AD%CF%81%CE%B3%CE%BF/a-18292585">«Ο Βαρουφάκης πρέπει να παρουσιάσει έργο»</a></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">spiegel.de 7. März 2015: <a rel="nofollow" class="external text" href="http://www.spiegel.de/international/europe/spiegel-interview-with-greek-prime-minister-tsipras-a-1022156.html">Interview mit Alexis Tsipras</a> Zitat: SPIEGEL: <i>Many experts now fear a "Graccident"—Greece's accidental exit from the euro. If the ECB doesn't agree to your T-Bills, that's exactly what might happen.</i> Tspiras: <i>I cannot imagine that. People won't risk Europe's disintegration over a T-Bill of almost €1.6 billion.</i></span> </li> <li id="cite_note-Inevitable-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-Inevitable_9-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPaul_Kirby2015" class="citation web cs1">Paul Kirby (27 June 2015). <a rel="nofollow" class="external text" href="https://www.bbc.com/news/world-europe-32332221">"Greek debt crisis: Is Grexit inevitable?"</a>. <a href="/wiki/BBC_News" title="BBC News">BBC News</a><span class="reference-accessdate">. Retrieved <span class="nowrap">29 June</span> 2015</span>. <q>Default appears inevitable and there is a growing risk of Greece lurching out of the single currency - which has come to be known as Grexit.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Greek+debt+crisis%3A+Is+Grexit+inevitable%3F&rft.pub=BBC+News&rft.date=2015-06-27&rft.au=Paul+Kirby&rft_id=https%3A%2F%2Fwww.bbc.com%2Fnews%2Fworld-europe-32332221&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPaul_Kirby2015" class="citation web cs1">Paul Kirby (27 June 2015). <a rel="nofollow" class="external text" href="https://www.bbc.com/news/world-europe-32332221">"Greek debt crisis: Is Grexit inevitable?"</a>. <a href="/wiki/BBC_News" title="BBC News">BBC News</a><span class="reference-accessdate">. Retrieved <span class="nowrap">1 July</span> 2015</span>. <q>The European Central Bank (ECB) has said it won't extend emergency funding for the banks and there is a growing risk of Greece lurching out of the single currency - which has come to be known as Grexit.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Greek+debt+crisis%3A+Is+Grexit+inevitable%3F&rft.pub=BBC+News&rft.date=2015-06-27&rft.au=Paul+Kirby&rft_id=https%3A%2F%2Fwww.bbc.com%2Fnews%2Fworld-europe-32332221&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bbc.com/news/world-europe-33307263">"Greek debt crisis: Banks to remain shut all week"</a>. <a href="/wiki/BBC_News" title="BBC News">BBC News</a>. 29 June 2015<span class="reference-accessdate">. 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Archived from <a rel="nofollow" class="external text" href="http://londonprogressivejournal.com/article/view/1140">the original</a> on 23 October 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">15 October</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=London+Progressive+Journal&rft.atitle=Sorry%2C+folks..the+wake+is+over&rft.date=2012-05&rft.aulast=Xypolia&rft.aufirst=Ilia&rft_id=http%3A%2F%2Flondonprogressivejournal.com%2Farticle%2Fview%2F1140&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-grexit_1-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-grexit_1_18-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.cnbc.com/2012/05/14/huge-sense-of-doom-among-grexit-predictions.html">"Huge Sense of Doom Among 'Grexit' Predictions"</a>. CNBC. 14 May 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">17 May</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Huge+Sense+of+Doom+Among+%27Grexit%27+Predictions&rft.date=2012-05-14&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2012%2F05%2F14%2Fhuge-sense-of-doom-among-grexit-predictions.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-grexit_2-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-grexit_2_19-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRoss2012" class="citation news cs1">Ross, Alice (14 May 2012). <a rel="nofollow" class="external text" href="http://ftalphaville.ft.com/blog/2012/05/14/998631/grexit-and-the-euro-an-exercise-in-guesswork/">"Grexit and the euro: an exercise in guesswork"</a>. <i><a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">16 May</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=Grexit+and+the+euro%3A+an+exercise+in+guesswork&rft.date=2012-05-14&rft.aulast=Ross&rft.aufirst=Alice&rft_id=http%3A%2F%2Fftalphaville.ft.com%2Fblog%2F2012%2F05%2F14%2F998631%2Fgrexit-and-the-euro-an-exercise-in-guesswork%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-grexit_4-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-grexit_4_20-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120718020041/http://www.maxfarquar.com/2012/05/grexit-greek-exit-eurozone/">"Grexit Greek Exit From The Euro"</a>. 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Retrieved <span class="nowrap">16 May</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Grexit+Greek+Exit+From+The+Euro&rft.pub=Maxfarquar.com&rft.date=2012-05-14&rft_id=http%3A%2F%2Fwww.maxfarquar.com%2F2012%2F05%2Fgrexit-greek-exit-eurozone%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-grexit_8-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-grexit_8_21-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHeath,_Allister2012" class="citation news cs1">Heath, Allister (14 May 2012). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120902142309/http://www.cityam.com/latest-news/allister-heath/grexit-will-happen-much-more-quickly-politicians-think">"Grexit will happen much more quickly than politicians think"</a>. 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Retrieved <span class="nowrap">16 May</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Grexit+will+happen+much+more+quickly+than+politicians+think&rft.date=2012-05-14&rft.au=Heath%2C+Allister&rft_id=http%3A%2F%2Fwww.cityam.com%2Flatest-news%2Fallister-heath%2Fgrexit-will-happen-much-more-quickly-politicians-think&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-telegraph-head-in-sand-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-telegraph-head-in-sand_22-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLouise_Armitstead2011" class="citation news cs1">Louise Armitstead (23 June 2011). <a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/financialcrisis/8594698/EU-accused-of-head-in-sand-attitude-to-Greek-debt-crisis.html">"EU accused of 'head in sand' attitude to Greek debt crisis"</a>. <i>The Telegraph</i>. 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Retrieved <span class="nowrap">30 May</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Birth+of+new+Greek+drachma+would+be+pained%2C+rushed&rft.date=2012-05-20&rft.au=Apps%2C+Peter&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-greece-newdrachma-idUSBRE84J03Q20120520&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-Bloomberg-24"><span class="mw-cite-backlink">^ <a href="#cite_ref-Bloomberg_24-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Bloomberg_24-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Bloomberg_24-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRandow,_JanaThesing,_Gabi2012" class="citation news cs1">Randow, Jana; Thesing, Gabi (23 May 2012). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/2012-05-22/war-gaming-greek-euro-exit-highlights-hazards-in-46-hour-weekend.html">"War-Gaming Greek Euro Exit Shows Hazards in 46-Hour Weekend"</a>. <a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120603160345/http://www.bloomberg.com/news/2012-05-22/war-gaming-greek-euro-exit-highlights-hazards-in-46-hour-weekend.html">Archived</a> from the original on 3 June 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">30 May</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=War-Gaming+Greek+Euro+Exit+Shows+Hazards+in+46-Hour+Weekend&rft.date=2012-05-23&rft.au=Randow%2C+Jana&rft.au=Thesing%2C+Gabi&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2012-05-22%2Fwar-gaming-greek-euro-exit-highlights-hazards-in-46-hour-weekend.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-Greece_switch-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-Greece_switch_25-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.co.uk/news/magazine-18279522">"Who, What, Why: How would Greece switch currencies?"</a>. <a href="/wiki/BBC_News" title="BBC News">BBC News</a>. 11 June 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Who%2C+What%2C+Why%3A+How+would+Greece+switch+currencies%3F&rft.date=2012-06-11&rft_id=https%3A%2F%2Fwww.bbc.co.uk%2Fnews%2Fmagazine-18279522&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-Firzli,_M._Nicolas-26"><span class="mw-cite-backlink">^ <a href="#cite_ref-Firzli,_M._Nicolas_26-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Firzli,_M._Nicolas_26-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFirzli,_M._Nicolas2010" class="citation news cs1">Firzli, M. Nicolas (1 March 2010). <a rel="nofollow" class="external text" href="https://www.academia.edu/10410975">"Greece and the EU Debt Crisis"</a>. <i><a href="/wiki/The_Vienna_Review" title="The Vienna Review">The Vienna Review</a></i>. Vienna. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120531223912/http://www.telegraph.co.uk/finance/financialcrisis/9298195/De-La-Rue-silent-on-deal-to-print-Drachma.html">Archived</a> from the original on 31 May 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">30 January</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Vienna+Review&rft.atitle=Greece+and+the+EU+Debt+Crisis&rft.date=2010-03-01&rft.au=Firzli%2C+M.+Nicolas&rft_id=https%3A%2F%2Fwww.academia.edu%2F10410975&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-FTGREXIT-27"><span class="mw-cite-backlink">^ <a href="#cite_ref-FTGREXIT_27-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FTGREXIT_27-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FTGREXIT_27-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-FTGREXIT_27-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-FTGREXIT_27-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text">Peter Spiegel, <a rel="nofollow" class="external text" href="https://www.ft.com/cms/s/0/0ac1306e-d508-11e3-9187-00144feabdc0.html#ixzz34GEE8FUj">"Inside Europe's Plan Z"</a>, <i>Financial Times</i>, 14 May 2014</span> </li> <li id="cite_note-TheSpec-28"><span class="mw-cite-backlink">^ <a href="#cite_ref-TheSpec_28-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-TheSpec_28-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-TheSpec_28-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-TheSpec_28-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-TheSpec_28-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-TheSpec_28-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-TheSpec_28-6"><sup><i><b>g</b></i></sup></a> <a href="#cite_ref-TheSpec_28-7"><sup><i><b>h</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHadjicostis,_Menelaos2012" class="citation news cs1">Hadjicostis, Menelaos (25 May 2012). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150110032151/http://www.thespec.com/news/business/article/731488--greece-s-euro-exit-a-recipe-for-hardship">"Greece's euro exit a recipe for hardship"</a>. <i><a href="/wiki/The_Hamilton_Spectator" title="The Hamilton Spectator">The Hamilton Spectator</a></i>. Archived from <a rel="nofollow" class="external text" href="http://www.thespec.com/news/business/article/731488--greece-s-euro-exit-a-recipe-for-hardship">the original</a> on 10 January 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">30 May</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Hamilton+Spectator&rft.atitle=Greece%27s+euro+exit+a+recipe+for+hardship&rft.date=2012-05-25&rft.au=Hadjicostis%2C+Menelaos&rft_id=http%3A%2F%2Fwww.thespec.com%2Fnews%2Fbusiness%2Farticle%2F731488--greece-s-euro-exit-a-recipe-for-hardship&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.grreporter.info/en/greek_youths_are_getting_ready_cry_out_we_stay_europe/7066">"Greek youths are getting ready to cry out"</a>. <i>grreporter.info</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=grreporter.info&rft.atitle=Greek+youths+are+getting+ready+to+cry+out&rft_id=http%3A%2F%2Fwww.grreporter.info%2Fen%2Fgreek_youths_are_getting_ready_cry_out_we_stay_europe%2F7066&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWallop,_Harry2012" class="citation news cs1">Wallop, Harry (29 May 2012). <a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/financialcrisis/9298195/De-La-Rue-silent-on-deal-to-print-Drachma.html">"De La Rue silent on deal to print Drachma"</a>. <i><a href="/wiki/The_Daily_Telegraph" title="The Daily Telegraph">The Daily Telegraph</a></i>. London. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120531223912/http://www.telegraph.co.uk/finance/financialcrisis/9298195/De-La-Rue-silent-on-deal-to-print-Drachma.html">Archived</a> from the original on 31 May 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">31 May</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Daily+Telegraph&rft.atitle=De+La+Rue+silent+on+deal+to+print+Drachma&rft.date=2012-05-29&rft.au=Wallop%2C+Harry&rft_id=https%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2Ffinancialcrisis%2F9298195%2FDe-La-Rue-silent-on-deal-to-print-Drachma.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.policyexchange.org.uk/images/WolfsonPrize/wolfson%20economics%20prize%20winning%20entry.pdf">"Leaving the Euro: A Practical Guide"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130118203115/http://www.policyexchange.org.uk/images/WolfsonPrize/wolfson%20economics%20prize%20winning%20entry.pdf">Archived</a> 18 January 2013 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> full text</span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTagaris,_Karolina2012" class="citation news cs1">Tagaris, Karolina (29 May 2012). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/greece-euro-idUSL5E8GTI5320120529">"Biggest Greek bank warns of dire euro exit fallout"</a>. <i>Reuters</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120530203602/http://www.reuters.com/article/2012/05/29/greece-euro-idUSL5E8GTI5320120529">Archived</a> from the original on 30 May 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">30 May</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Biggest+Greek+bank+warns+of+dire+euro+exit+fallout&rft.date=2012-05-29&rft.au=Tagaris%2C+Karolina&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fgreece-euro-idUSL5E8GTI5320120529&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external autonumber" href="https://www.protothema.gr/life-style/news-in-english/article/204192/the-currency-is-not-a-fetish/">[1]</a><a href="/wiki/Proto_Thema" title="Proto Thema">Proto Thema</a><span> report 14 June 2012</span> – "The currency is not a fetish"</span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation audio-visual cs1"><a rel="nofollow" class="external text" href="https://www.youtube.com/watch?v=C9Oi6vzI0HU"><i>Ο Alexis Tsipras στο CNN</i></a>. 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Retrieved <span class="nowrap">30 May</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Greek+Exit+Could+Trigger+50%25+Fall+in+Euro+Stocks%3A+Analyst&rft.date=2012-05-25&rft.au=Barnato%2C+Katy&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2012%2F05%2F25%2Fgreek-exit-could-trigger-50-fall-in-euro-stocks-analyst.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-59"><span class="mw-cite-backlink"><b><a href="#cite_ref-59">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAthanassiou2009" class="citation cs2">Athanassiou, Phoebus (December 2009), <a rel="nofollow" class="external text" href="http://www.ecb.int/pub/pdf/scplps/ecblwp10.pdf"><i>Withdrawal and Expulsion from the EU and EMU: Some Reflections</i></a> <span class="cs1-format">(PDF)</span>, European Central Bank, p. 4, <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1517760">1517760</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Withdrawal+and+Expulsion+from+the+EU+and+EMU%3A+Some+Reflections&rft.pages=4&rft.pub=European+Central+Bank&rft.date=2009-12&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D1517760%23id-name%3DSSRN&rft.aulast=Athanassiou&rft.aufirst=Phoebus&rft_id=http%3A%2F%2Fwww.ecb.int%2Fpub%2Fpdf%2Fscplps%2Fecblwp10.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> <li id="cite_note-60"><span class="mw-cite-backlink"><b><a href="#cite_ref-60">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDammannn.d." class="citation journal cs1">Dammann, Jens (n.d.). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150611181828/http://www.tilj.org/content/journal/48/num2/Dammann125.pdf">"The Right to Leave the Eurozone"</a> <span class="cs1-format">(PDF)</span>. <i>Texas International Law Journal</i>. <b>48</b> (2): 126–155. Archived from <a rel="nofollow" class="external text" href="http://www.tilj.org/content/journal/48/num2/Dammann125.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 11 June 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Texas+International+Law+Journal&rft.atitle=The+Right+to+Leave+the+Eurozone&rft.volume=48&rft.issue=2&rft.pages=126-155&rft.aulast=Dammann&rft.aufirst=Jens&rft_id=http%3A%2F%2Fwww.tilj.org%2Fcontent%2Fjournal%2F48%2Fnum2%2FDammann125.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreek+withdrawal+from+the+eurozone" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Greek_withdrawal_from_the_eurozone&action=edit&section=20" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Commons-logo.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></a></span> Media related to <a href="https://commons.wikimedia.org/wiki/Category:Greek_withdrawal_from_the_eurozone" class="extiw" title="commons:Category:Greek withdrawal from the eurozone">Greek withdrawal from the eurozone</a> at Wikimedia Commons </p> <ul><li><a rel="nofollow" class="external text" href="https://www.bbc.co.uk/news/business-18057232">"Viewpoints: What if Greece exits euro"?</a> 14 May 2012 <a 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style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;"><a href="/wiki/Euro_coins" title="Euro coins">Coins</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1_euro_cent_coin" title="1 euro cent coin">1c</a></li> <li><a href="/wiki/2_euro_cent_coin" title="2 euro cent coin">2c</a></li> <li><a href="/wiki/5_euro_cent_coin" title="5 euro cent coin">5c</a></li> <li><a href="/wiki/10_euro_cent_coin" title="10 euro cent coin">10c</a></li> <li><a href="/wiki/20_euro_cent_coin" title="20 euro cent coin">20c</a></li> <li><a href="/wiki/50_euro_cent_coin" title="50 euro cent coin">50c</a></li> <li><a href="/wiki/1_euro_coin" title="1 euro coin">1 €</a></li> <li><a href="/wiki/2_euro_coin" title="2 euro coin">2 €</a></li> <li><a href="/wiki/2_euro_commemorative_coins" title="2 euro commemorative coins">2 € commemorative coins</a></li> <li><a href="/wiki/Euro_gold_and_silver_commemorative_coins" title="Euro gold and silver commemorative coins">Other commemorative coins</a></li> <li><a href="/wiki/Identifying_marks_on_euro_coins" title="Identifying marks on euro coins">Identifying marks</a></li> <li><a href="/wiki/Euro_starter_kits" title="Euro starter kits">Starter kits</a></li> <li><a href="/wiki/Europa_coin_programme" title="Europa coin programme">Europa coin programme</a></li> <li><a href="/wiki/List_of_euro_mints" title="List of euro mints">Euro mint</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;"><a href="/wiki/Euro_banknotes" title="Euro banknotes">Banknotes</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/5_euro_note" title="5 euro note">5 €</a></li> <li><a href="/wiki/10_euro_note" title="10 euro note">10 €</a></li> <li><a href="/wiki/20_euro_note" title="20 euro note">20 €</a></li> <li><a href="/wiki/50_euro_note" title="50 euro note">50 €</a></li> <li><a href="/wiki/100_euro_note" title="100 euro note">100 €</a></li> <li><a href="/wiki/200_euro_note" title="200 euro note">200 €</a></li> <li><a href="/wiki/500_euro_note" title="500 euro note">500 €</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Coins by country with minting rights</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;"><a href="/wiki/Eurozone" title="Eurozone">Eurozone</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Austrian_euro_coins" title="Austrian euro coins">Austria</a></li> <li><a href="/wiki/Belgian_euro_coins" title="Belgian euro coins">Belgium</a></li> <li><a href="/wiki/Croatian_euro_coins" title="Croatian euro coins">Croatia</a></li> <li><a href="/wiki/Cypriot_euro_coins" title="Cypriot euro coins">Cyprus</a></li> <li><a href="/wiki/Estonian_euro_coins" title="Estonian euro coins">Estonia</a></li> <li><a href="/wiki/Finnish_euro_coins" title="Finnish euro coins">Finland</a></li> <li><a href="/wiki/French_euro_coins" title="French euro coins">France</a></li> <li><a href="/wiki/German_euro_coins" title="German euro coins">Germany</a></li> <li><a href="/wiki/Greek_euro_coins" title="Greek euro coins">Greece</a></li> <li><a href="/wiki/Irish_euro_coins" title="Irish euro coins">Ireland</a></li> <li><a href="/wiki/Italian_euro_coins" title="Italian euro coins">Italy</a></li> <li><a href="/wiki/Latvian_euro_coins" class="mw-redirect" title="Latvian euro coins">Latvia</a></li> <li><a href="/wiki/Lithuanian_euro_coins" class="mw-redirect" title="Lithuanian euro coins">Lithuania</a></li> <li><a href="/wiki/Luxembourgish_euro_coins" title="Luxembourgish euro coins">Luxembourg</a></li> <li><a href="/wiki/Maltese_euro_coins" title="Maltese euro coins">Malta</a></li> <li><a href="/wiki/Dutch_euro_coins" title="Dutch euro coins">Netherlands</a></li> <li><a href="/wiki/Portuguese_euro_coins" title="Portuguese euro coins">Portugal</a></li> <li><a href="/wiki/Slovak_euro_coins" title="Slovak euro coins">Slovakia</a></li> <li><a href="/wiki/Slovenian_euro_coins" title="Slovenian euro coins">Slovenia</a></li> <li><a href="/wiki/Spanish_euro_coins" title="Spanish euro coins">Spain</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;"><a href="/wiki/Euro#Agreed_direct_usage_with_minting_rights" title="Euro">Monetary agreement with EU</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Andorra_and_the_euro" title="Andorra and the euro">Andorra</a></li> <li><a href="/wiki/Mon%C3%A9gasque_euro_coins" title="Monégasque euro coins">Monaco</a></li> <li><a href="/wiki/Sammarinese_euro_coins" class="mw-redirect" title="Sammarinese euro coins">San Marino</a></li> <li><a href="/wiki/Vatican_euro_coins" title="Vatican euro coins">Vatican City</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Euro#Agreed_direct_usage_without_minting_rights" title="Euro">Non-EU territories<br /> using euro per agreement<br /> without minting rights</a></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Saint_Barth%C3%A9lemy" title="Saint Barthélemy">Saint Barthélemy</a></li> <li><a href="/wiki/Saint_Pierre_and_Miquelon" title="Saint Pierre and Miquelon">Saint Pierre and Miquelon</a></li> <li><a href="/wiki/French_Southern_and_Antarctic_Lands" title="French Southern and Antarctic Lands">French Southern and Antarctic Lands</a></li> <li><a href="/wiki/Akrotiri_and_Dhekelia" title="Akrotiri and Dhekelia">Akrotiri and Dhekelia</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Potential adoption by<br />other countries</div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bulgaria_and_the_euro" title="Bulgaria and the euro">Bulgaria</a></li> <li><a href="/wiki/Czech_Republic_and_the_euro" title="Czech Republic and the euro">Czech Republic</a></li> <li><a href="/wiki/Denmark_and_the_euro" title="Denmark and the euro">Denmark</a></li> <li><a href="/wiki/Hungary_and_the_euro" title="Hungary and the euro">Hungary</a></li> <li><a href="/wiki/Poland_and_the_euro" title="Poland and the euro">Poland</a></li> <li><a href="/wiki/Romania_and_the_euro" title="Romania and the euro">Romania</a></li> <li><a href="/wiki/Sweden_and_the_euro" title="Sweden and the euro">Sweden</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Euro#Unilateral_direct_usage" title="Euro">Countries and territories<br />using euro unilaterally</a></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Kosovo_and_the_euro" title="Kosovo and the euro">Kosovo</a></li> <li><a href="/wiki/Montenegro_and_the_euro" title="Montenegro and the euro">Montenegro</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Currencies_of_the_European_Union" title="Currencies of the European Union">Other extant EU currencies</a></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;">ERM <span style="font-family:serif;">II</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bulgarian_lev" title="Bulgarian lev">Bulgarian lev</a></li> <li><a href="/wiki/Danish_krone" title="Danish krone">Danish krone</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Czech_koruna" title="Czech koruna">Czech koruna</a></li> <li><a href="/wiki/Hungarian_forint" title="Hungarian forint">Hungarian forint</a></li> <li><a href="/wiki/Polish_z%C5%82oty" title="Polish złoty">Polish złoty</a></li> <li><a href="/wiki/Romanian_leu" title="Romanian leu">Romanian leu</a></li> <li><a href="/wiki/Swedish_krona" title="Swedish krona">Swedish krona</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_the_euro" title="History of the euro">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;">General</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li>"<a href="/wiki/Snake_in_the_tunnel" title="Snake in the tunnel">Snake in the tunnel</a>"</li> <li><a href="/wiki/European_Monetary_System" title="European Monetary System">European Monetary System</a> <ul><li><span style="font-family:serif;font-size:85%;">I</span> <span style="font-size:85%;"><a href="/wiki/European_Currency_Unit" title="European Currency Unit">ECU</a></span></li> <li><span style="font-family:serif;font-size:85%;">II</span> <span style="font-size:85%;"><a href="/wiki/European_Exchange_Rate_Mechanism" title="European Exchange Rate Mechanism">ERM</a></span></li> <li><span style="font-family:serif;font-size:85%;">III</span> <span style="font-size:85%;"><a href="/wiki/Economic_and_Monetary_Union_of_the_European_Union" title="Economic and Monetary Union of the European Union">EMU</a></span></li></ul></li> <li><a href="/wiki/European_Monetary_Cooperation_Fund" title="European Monetary Cooperation Fund">European Monetary Cooperation Fund</a></li> <li><a href="/wiki/Delors_Committee" title="Delors Committee">Delors Committee</a></li> <li><a href="/wiki/European_Monetary_Institute" title="European Monetary Institute">European Monetary Institute</a></li> <li><a href="/wiki/Enlargement_of_the_eurozone" title="Enlargement of the eurozone">Enlargement</a></li> <li><a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday</a></li> <li><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></li> <li><a href="/wiki/Withdrawal_from_the_eurozone" title="Withdrawal from the eurozone">Withdrawal</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Previous EU members<br />and euro</div></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/United_Kingdom_and_the_euro" title="United Kingdom and the euro">United Kingdom</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;">Preceding currencies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Currency_Unit" title="European Currency Unit">European Currency Unit</a></li> <li><a href="/wiki/Austrian_schilling" title="Austrian schilling">Austrian schilling</a></li> <li><a href="/wiki/Belgian_franc" title="Belgian franc">Belgian franc</a></li> <li><a href="/wiki/Croatian_kuna" title="Croatian kuna">Croatian kuna</a></li> <li><a href="/wiki/Cypriot_pound" title="Cypriot pound">Cypriot pound</a></li> <li><a href="/wiki/Dutch_guilder" title="Dutch guilder">Dutch guilder</a></li> <li><a href="/wiki/Estonian_kroon" title="Estonian kroon">Estonian kroon</a></li> <li><a href="/wiki/Finnish_markka" title="Finnish markka">Finnish markka</a></li> <li><a href="/wiki/French_franc" title="French franc">French franc</a></li> <li><a href="/wiki/Deutsche_Mark" title="Deutsche Mark">German Mark</a></li> <li><a href="/wiki/Modern_drachma" title="Modern drachma">Greek drachma</a></li> <li><a href="/wiki/Irish_pound" title="Irish pound">Irish pound</a></li> <li><a href="/wiki/Italian_lira" title="Italian lira">Italian lira</a></li> <li><a href="/wiki/Latvian_lats" title="Latvian lats">Latvian lats</a></li> <li><a href="/wiki/Lithuanian_litas" title="Lithuanian litas">Lithuanian litas</a></li> <li><a href="/wiki/Luxembourg_franc" title="Luxembourg franc">Luxembourg franc</a></li> <li><a href="/wiki/Maltese_lira" title="Maltese lira">Maltese lira</a></li> <li><a href="/wiki/Mon%C3%A9gasque_franc" title="Monégasque franc">Monégasque franc</a></li> <li><a href="/wiki/Portuguese_escudo" title="Portuguese escudo">Portuguese escudo</a></li> <li><a href="/wiki/Sammarinese_lira" title="Sammarinese lira">Sammarinese lira</a></li> <li><a href="/wiki/Slovak_koruna" title="Slovak koruna">Slovak koruna</a></li> <li><a href="/wiki/Slovenian_tolar" title="Slovenian tolar">Slovenian tolar</a></li> <li><a href="/wiki/Spanish_peseta" title="Spanish peseta">Spanish peseta</a></li> <li><a href="/wiki/Vatican_lira" title="Vatican lira">Vatican lira</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5em;font-weight:normal;">Former fiscal provisions</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Financial_Stability_Facility" title="European Financial Stability Facility">European Financial Stability Facility</a></li> <li><a href="/wiki/European_Financial_Stabilisation_Mechanism" title="European Financial Stabilisation Mechanism">European Financial Stabilisation Mechanism</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> 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