European Tribune - The Greek deal opens for expansionist e-currency

Since this gives a better negotiation position to the Greek government, I would say it also decreases the risk of Greece being forced out.

Nobody has argued against this, so I guess I had a point, even if it was mostly arguing by gut feeling.

To try to go beyond gut feeling, lets look at the main actors.

Eurogroup majority. Goals: continued austerity, not losing face. Tools: threat of Grexit.

Greek government. Goals: ending austerity, staying in power. Tools: power of Greek state aparatus.

If the power of Greek state aparatus makes the threat of Grexit less useful, I would say the best option for the eurogroup majority would be to makes noise to save face and not try to kick Greece out.

I must say that the last months actions has made it clear that my view of what it means to kick Greece out was incomplete.

Means to kick a country out of a currency:

1. Withdraw backing for state debt - done long ago
   
2. Not accept state bonds as security for banks loaning from central bank - done in janury
   
3. Liquidity support to banks - not gone yet
   
4. Drum up bank run - on hold for now

Does the list go on? What could ECB and or the eurogroup do if it really, really wants Greece to start using something otehr then euros?