Grexit Scenario

The Bad Ending: More Debt, Unemployment

Greece Dark19843833_2
Hoping for the best despite fears of unrest, recession and default.
  • Why it matters

    Why it matters

    Greece will see its economic slump worsen in the case of a Grexit and creditors are likely not to get all their loans repaid.

  • Facts


    • Greece failed to renew is bailout program with its lenders over the weekend.
    • Greece owes €321 billion ($356 billion) to its creditors.
    • Greece’s umemployment level is around 25 percent.
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Sunday may have been the beginning of the Grexit.

When Greece’s government over the weekend declared capital restrictions and ordered banks to remain closed the next six working days, it effectively shut off the country from the other 18 euro-zone countries.

“The risk of a Grexit has significantly increased. Nobody knows what will happen. There is no precedent,” Nicholas Spiro of London-based consultancy Spiro Sovereign Strategy told Handelsblatt Global Edition.

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