And what happens if Greece must to abandon the euro? (Even if the country then legally a member of the euro zone is still)
The risk of contagion to other Euro-crisis countries is significantly lower than in 2012. This is mainly due to the European Central Bank . Its president Mario Draghi announced in 2012 had to do everything to preserve the common currency. When in doubt, the ECB would buy more government bonds to calm nervous expectant markets.
In addition, the economic and financial situation in countries such as Spain and Portugal is much more stable than a few years ago. European policy must convince them that Greece is a special case, the financial markets. In the long term, however, the monetary union would fundamentally change. You would only be a common economic space with fixed exchange rates. In the next crisis would quickly speculated in the markets, who leaves next the composite
Greece the consequences would be disastrous, however. The economy would fall into a deep recession, the unemployment rise significantly, companies go bankrupt. How quickly the country recovers from such a shock, is hard to predict. In the long term could be Greece but benefit from a weak, new currency.
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