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If it falls, Greece could be headed for default and exit from the euro.
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If I were pursuing that approach, I would start openly preparing for a messy default and exit from the Eurozone.
Some analysts see a concerted campaign by Eurozone countries, those using the euro currency, to isolate Greece as much as possible in preparation for an eventual default and exit from the euro.
And the prospect of a Greek default and exit for the euro zone has been pushed back by a real softening of its bailout terms and, in hidden manner, the beginning of a debt write-off for Greece.
And perhaps that would be a very pointed object lesson for voters in Greece and Spain and Portugal that default and exit is even worse than the austerity the EU is insisting on.
It may then seem a more rational, albeit unpopular, option than a disorderly Greek default and exit, with all the disastrous economic and social consequences for Greece and Europe.
And the European Commission's claim that Greek default and exit would now have little systemic impact makes the argument for debt relief much weaker.
But the risk of chaotic default and exit from the euro has receded.
Until recently, a Greek default and exit from the euro zone was seen as unthinkable.
And the euro zone can hardly relish the prospect of a Greek default and exit so soon after it agreed to a second bail-out for the country in March.
"Policy makers have to recognize the impossibility of the trilemma of no additional funding, no restructuring of official loans, and no default and exit from the euro".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com