05-01-2015, 11:24 PM
The legal basis for the euro is the European Treaty, which supersedes national law. Greece would expose itself to years of potentially crippling litigation, with holders of claims in euros refusing to be repaid in any new Greek currency. Moreover, Greek people are likely to continue using the Euro in their daily transactions (after all, they have already withdrawn €100bn from the peak since the beginning of the crisis).
This is the horrific consequence of Greece leaving the Euro - Business Insider
Bank of America Merrill Lynch's analysts held a roundtable on the potential impact of a Greek exit from the euro. Though it is not what they seem to be expecting, they say it is now time to "start thinking what used to be unthinkable." Here are some of the highlights.
This is the horrific consequence of Greece leaving the Euro - Business Insider
He argues that while it's popular to blame the Greek government (which he says is partly justifiable) for the country's current issues, the main reason for the failure of the Greek program over the past five years can be traced back to May 2010. Back then, the German government forced an "unworkable" program on Greece to protect banks from losses, Orphanides argued.
Who’s really to blame for the Greek crisis?
We now hear from the finance ministers that the Greek government is unreasonable because it does not want to accept these conditions. These are that austerity be fully implemented and that the structural reforms that have been agreed to by the previous Greek government, be fully carried out. But are these conditions reasonable?
Ivory Tower: Are creditors pushing Greece deliberately into default?
Greek Prime Minister Alexis Tsipras on Monday reshuffled his team handling talks with European and IMF lenders, a move widely seen as an effort to relegate embattled Finance Minister Yanis Varoufakis to a less active role in negotiations.
Greece moves to sideline Varoufakis after reform talks fiasco - Yahoo Finance