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If Greece Exits, Here's What Happens
Now that the Greek exit is back to being topic #1 of discussion, just as it was back in the fall of 2011, it is time to rewind to a step-by-step analysis of precisely what will happen in the moment before Greece announces the EMU exit, how the transition from pre to post occurs, and the aftermath of what said transition would entail, courtesy of one of the smarter minds out there - the chief economist of Citigroup.
Citi's Willem Buiter pontificated precisely on this topic last year. He has graciously provided his thoughts for all to read on his own website. Of course, take all of this with a huge grain of salt - these are observations by the chief economist of a bank which might be swept aside the second the EMU starts the post-Grexit rumble.
Also an interesting - and perhaps more readable and concise view - is the following article in the UK's Sunday Observer newspaper. http://www.guardian.co.uk/business/2012/may/13/greece-leave-eurozone-five-difficult-steps
Pretty apocalyptic stuff. The Greeks - and maybe some more of us - may be in for a rough ride.