Default, Exit and Devaluation as the Optimal Solution

In this piece we look at the mechanics of a currency breakup and how it would happen. This piece is longer than most of our pieces and is a slightly more wonkish piece than usual, but the first two pages provide a summary of the entire piece.  We look at previous currency breakups, how they happened, and what the consequences are and what the likely outcome is economically for any periphery country that exits the euro.

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