Wednesday, May 9, 2012

Greece… even if expelled from the Eurozone, is free to use the Euro

Though it would obviously not enjoy any seigniorage benefits, Greece, if expelled from the Eurozone can very well keep on using the Euro… so at least not having to waste money changing vending machines or feeding the fx-changers. 

Yes, obviously, it would have to earn the Euros it needs, and not survive on some Drachmas it can print, if it finds buyers for them, but, having to earn ones livelihood seems like a reasonable point where to start the reconstruction.