Thinking the Unthinkable: Considering Greece’s Exit from the Eurozone

Greece leaving the Eurozone used to be unthinkable. Eurozone leaders and politicians repeatedly refused to even admit that was a possibility, denying that it would be legal, let alone viable.

That’s changing. More and more people are discussing Greece’s exit from the euro as a real option that has pro’s and con’s. The Boston Globe talked about it in May of this year. The New York Times reported two days ago that U.S. companies are preparing for the possibility. The Dutch bank ING has even estimated how much it will cost the Netherlands if Greece does exit the Eurozone.

Just because it’s no longer unthinkable doesn’t mean it’s inevitable, and no one’s claiming that such a move would be painless. But people seem to be accepting that there are would be costs and benefits to Greece leaving the euro, and the long-run benefits could outweigh the costs.

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