NEW YORK — The unthinkable suddenly looks possible.
Bankers, governments and investors are preparing for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system.
‘Bloody doomsday machine’: How shock waves will reach the US if Greece drops the euro
The worst case envisions governments defaulting on their debts, a run on European banks and a worldwide credit crunch reminiscent of the financial crisis in the fall of 2008.
A Greek election on Sunday will determine whether it happens. Syriza, a party opposed to the restrictions placed on Greece in exchange for a bailout from European neighbors, could do well.
If Syriza gains power and rejects the terms of the bailout, Greece could lose its lifeline, default on its debt and decide that it must print its own currency, the drachma, to stay afloat.
No one is sure how that would work because there is no mechanism in the European Union charter for a country leaving the euro. In the meantime, banks and investors have sketched out the ripple effects.
They think the path of a full-blown crisis would start in Greece, quickly move to the rest of Europe and then hit the U.S. Stocks and oil would plunge, the euro would sink against the U.S. dollar, and big banks would suffer losses on complex trades.
READ MORE Plus videos: http://www.washingtonpost.com/national/bloody-doomsday-machine-how-...
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Comment
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Comment by jim on June 18, 2012 at 2:17pm
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Nice troy, dogzilla
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Take it easy boys lets just see what happens
this is a dangerous thing here and it will effect us if the bottom falls out, so just remember "it's just a ride"
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Comment by 5Fires on June 17, 2012 at 2:24pm
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...might aswell enjoy the process; and in the end, the only fight that we fight will come down to the fight, we choose...
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Comment by Cryptocurrency on June 17, 2012 at 2:00pm
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Wolter Says Europe Could Cause Systemic Financial Crisis http://www.washingtonpost.com/business/wolter-says-europe-could-cau...
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Comment by noblsht on June 17, 2012 at 1:56pm
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Trying to read this article in his garbage audio comes up in the background playing some lame ass garbage music and some Greek moron mumbling to us WTF is going here
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