Greece and the Euro
Greece and the Euro
This chapter studies the implications of Greece's membership in the Eurocurrency area for her macroeconomic performance and welfare. It first discusses the perceived economic benefits and costs from participation in Economic and Monetary Union (EMU) at the time of the original entry decision. It then argues that it made good economic sense for Greece to join. The chapter then describes what proved to be the actual main benefits and costs. Finally, attention is turned to the issue of the implications of continued membership in the eurozone. It asks what opportunities are associated with the two alternative scenarios of staying or exiting and how the two scenarios matter for Greece's macroeconomic performance and welfare. The chapter also examines the possible cost—for Greece—of default against official creditors.
Keywords: Greece, eurozone, debt crisis, Eurocurrency, Economic and Monetary Union
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