- Greek bonds are already in the "default" category, nobody trusts greece anyway - The equivalent in euros of wage cuts / taxation that we see now in greece -

- Greek bonds are already in the "default" category, nobody trusts greece anyway - The equivalent in euros of wage cuts / taxation that we see now in greece - Going out of the eurozone doesnt mean secession from the EU In practice a default will have similar effects as the austerity packages, compressed in time (~4 years instead of 10+ which the current austerity packages propose). In fact, a devalued currency might stimulate internal growth as imports will become unaffordable.