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Greece currently has a Target2 balance of around -100 billion Euros. That money would be gone. Peanuts? Schengen is toast!
Expelling Greece would force the creditors to realize that it is lost in their accounting books as well as in reality. But not expelling Greece would not magically make it not-lost.
- Jake Friends come and go. Enemies accumulate.
And about 1/3 to 1/4 what will be lost if Greece actually defaults. A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
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