"Ultimately,” he added, “Greeks would face reductions in their standards of living upwards to 50 percent, perhaps more, to generate the exports necessary to pay off foreign creditors. If everything goes as planned, Athens will still be saddled with a debt that is 120 percent of their GDP a decade from now. Everything hardly ever goes exactly as planned, and 120 percent of GDP is an amount most economists believe is unworkable. Hence, the Greeks may bleed a lot for no real purpose than to sustain a failed experiment in a single currency, and the odds are steep against the plan succeeding.”"
Leave euro:
"The alternative, as Professor Morici proposed, is for Greece to be “given the option of staying in the EU but dropping the euro — essentially the status the UK enjoys.” He added, crucially, “By readopting the drachma, re-marking sovereign and private debt to the reinstituted national currency, and letting the value of the drachma fall to levels consistent with a trade surplus that permits Greece to service its debts, Greece’s economy would begin growing again, and many of Greece’s army of unemployed would be put back to work.”
There is a massive difference
Before the tea party created a army of zombie conservatives that say whatever fits the situation, i would never have expected a conservative to claim that a country giving up its sovereign currency would have no net effect.
