Greece: How Would A Grexit Actually Work?

With the Greek parliamentary election just a couple weeks away and the leftist party Syriza maintaining a slim majority in recent polls, we could be close to witnessing the first exit from the eurozone. The problem is, no one knows what that would actually look like. The Maastricht Treaty that established the Economic and Monetary Union (EMU) intentionally doesn’t have a provision for leaving because the new union was supposed to be irrevocable, and Greece may have to leave the EU entirely if it wants to return to the drachma.

Grexit: A euro exit could necessitate leaving the EU as well

“While a Member State may be free to denounce its EU participation and repudiate its treaty obligations in their...