NEW YORK TIMES
Pondering a Dire Day: Leaving the Euro
As the country descends into chaos, the military seizes control of the government
Orestis Panagiotou/European Pressphoto Agency
By LANDON THOMAS Jr.
Published: December 12, 2011
LONDON — It would be Europe’s worst nightmare: after weeks of rumors, the Greek prime minister announces late on a Saturday night that the country will abandon the euro currency and return to the drachma.Multimedia
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Soon, the country’s international credit lines are cut after Greece, as part of the prime minister’s move, defaults on its debt.
As the country descends into chaos, the military seizes control of the government.
This scary chain of events might never come to pass. But the danger that Greece or some other deeply damaged country in the euro zone could leave the single-currency union can no longer be ruled out. And it was largely this prospect that drove leaders last week to agree to adopt strict fiscal rules that they hope will wrap the 17 European Union nations that use the euro into an even tighter embrace.
Officially, the guardians of monetary union have refused to discuss in public the possibility of member states abandoning the euro — a contingency not even addressed in any of the treaties governing the monetary union. As Mario Draghi, the president of the European Central Bank, put it last week: “It would be imprudent to create contingency plans when we see no likelihood that they could happen.”..........................MORE ..
http://www.nytimes.com/2011/12/13/business/global/a-greek-what-if-draws-concern-dropping-the-euro.html?_r=1&ref=greece
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