One more article of the “Economist” deals with Greek exit scenarios. Under the witty title, “My Big Fat Greek Divorce. How and whether Greece might exit is the biggest and fattest uncertainty of all,” the world-class magazine refers to post-election scenarios and the possible aftermath of a ND or a SYRIZA government scheme.
The introduction of the Economist article on Greece begins as follows:
“ON JUNE 17th the brinkmanship on the Aegean will take another twist. Even if the New Democracy party manages to form a government, it will seek to renegotiate the terms set earlier this year by European creditor nations for Greece’s second bail-out. If instead the victor is Syriza, the left-of-centre group bent on scrapping the deal, the markets fear that this will lead inevitably to Greece leaving the euro and inflicting heavy collateral damage on the rest of the euro zone on the way.”
And it goes on to say that if Alexis Tsipras announces a debt moratorium “as he has threatened to do, then this would almost certainly precipitate a swift exit. All bail-out funds would be cut off.” A series of consequences will lead to an inevitable return to the drachma “which would immediately plunge in value against the euro.”
Apart from the context, the article is accompanied by a clever and funny (to those who can still laugh about it) caricature, where Angela Merkel and Alexis Tsipras are supposedly competing over who will push the Exit button. It seems however that the Economist appears certain that the Greek people will –one way or the other- be faced with default and Euro eviction.