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Greece should prepare for Grexit and then not do it

Wyplosz, Charles, (2015), “Greece should prepare for Grexit and then not do it”, Voxeu, 20 July

There is a high likelihood that Grexit will be back on the table. This column argues that Greece can strengthen its negotiating position if it is prepared for exit. Grexit remains a disastrous choice, but it has become the default option for Greece and its creditors. However, preparing for Grexit does not mean leaving the Eurozone. A credible threat point may deliver a better outcome. The purpose of the exercise should be to make Grexit a plausible solution, then not to do it.

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