This Stratfor article is clear and succinct: "Drachma's return means instant austerity, whether Greeks want it or not".
Also see "How Greece will drag down Europe and refuse to leave" which describes how Greece is able to "print" euros, with apparently no agreement from wider Europe, through the European "Emergency Liquidity Assistance (ELA) arrangement. Should that be so, Greek monetisation of Greek debt transfers the problem to Europe, without solving the debt problem. The newly created euros fund withdrawals from Greek banks, to leave the Greek economy.
I acknowledge Stratfor for these two articles.
Also see "How Greece will drag down Europe and refuse to leave" which describes how Greece is able to "print" euros, with apparently no agreement from wider Europe, through the European "Emergency Liquidity Assistance (ELA) arrangement. Should that be so, Greek monetisation of Greek debt transfers the problem to Europe, without solving the debt problem. The newly created euros fund withdrawals from Greek banks, to leave the Greek economy.
I acknowledge Stratfor for these two articles.
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