alt Hacker NewsLook into who they were the debtor to. Turns out that a lot of German banks would have needed to scrap debt from their books.
Look into who they were the debtor to. Turns out that a lot of German banks would have needed to scrap debt from their books.
So a Greek default would have created an EU political crisis. Greece would have been in the doghouse. Perhaps the other members would have suspended its structural funds, or even voting rights. Seems impossible it would have been thrown out of the EU, there's not even an obvious way to do that. All very unpleasant, but then there was clearly an upside for Greece. It just seems interesting that the scenario was never really entertained or gamed out in the media.