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Greece’s Withdrawal from the Euro: One Possible Scenario

In: European Union and Monetary Union in Permanent Crisis II

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  • Dirk Meyer

    (Helmut-Schmidt-Universitä)

Abstract

Greece and the Eurogroup have so far agreed on three aid packages (2010, 2012, 2015) and implemented them together, without improving the country’s debt-servicing capacity and steering the country towards a self-determined future “on its own feet”. Since the conditions for a new aid programme did not exist under EU law in 2015, Greece would have had to default on its payments by the end of June 2015 at the latest. The (failed) rescue operations would have cost the German taxpayer between EUR 62 and 93 billion by then. Ad hoc, Greece could have introduced the “Geuro” as emergency currency. A more promising alternative would have been an amicable, EU-law compliant withdrawal from the euro in combination with the emission of a new drachma based on assets.

Suggested Citation

  • Dirk Meyer, 2022. "Greece’s Withdrawal from the Euro: One Possible Scenario," Springer Books, in: European Union and Monetary Union in Permanent Crisis II, chapter 0, pages 255-273, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-38646-7_12
    DOI: 10.1007/978-3-658-38646-7_12
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