12.05.2015 - 70 currency union breakups offer Greece hope
The hardliners in Athens may have a point. History suggests Greece leaving the euro wouldn't make catastrophe inevitable, suggests Adam Slater, lead economist at Oxford Economics Ltd. More than 70 countries and territories have quit currency unions since 1945 and yet only a small minority have then suffered large losses in output, he said in a recent study. Most of these, such as in the former Yugoslavia, can be explained by other shocks like civil war. While Greece's gross domestic product could still slump about 10 percent, the decline could be limited and the economy may have undetected advantages that allow a decent recovery...............................................Full Article: Source
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