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The real risk for the eurozone is that Greek default and euro departure go relatively well

and after a year or so Greece is beginning a vigorous recovery on the back of a weak drachma. 

In that case, the people of Italy, Spain and Portugal would ask: “if Greece can do it that way then why can’t we?” And there wouldn’t be a good answer. 

The euro-zone would do the splits as soon as you could say Jean-Claude Juncker.

Roger Bootle  Telegraph 11 Jan 2015

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