Never mind 'beware Greeks bearing gifts' how about 'beware Greece setting off a chain reaction'? It's been the unthinkable but in the great land of WhatIf, what if Greece set off a chain of events to be followed by Italy, Spain and Portugal (never mind the
UK). What if the burden on the German tax payer became so great that they said, no more. What if France was next in line, and brought in austerity measures that prompted a national strike and national unrest. What if the Euro tumbles and some of the In countries
try to pull out and go back to their legacy currencies?
Oh those were the days, "whats your price drachma/franc in small please?. The credit departments, cash management resources etc. will be stretched whilst us older heads will nod sagely and say 'been there, done that'.
Far fetched, possibly, plausible, definitely.
It just occured to me this would be a marvelous way of invigorating the financial markets and stimulating job creation. The problems of the PSD would disappear at a stroke and SEPA would become a pipe dream.