The market fall-out from a Greek default and possible EMU exit

Greece is on the cusp of a sovereign default that could still be either “orderly” or “disorderly”. An orderly default would cause less upheaval in the markets, but any respite would probably be shortlived. A disorderly default would cause disruption of a different order of magnitude, especially if, as seems likely, it would be followed by Greece’s departure from EMU.

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