Greeks Run on Banks
The consensus -in the last 6 months- has been not If but When. Since it apparently takes 6-9 months for a state to generate a currency (produce bills and coins), this allows people to prepare and protect themselves (albeit unofficially). Let's hope the Greeks don't end up like the Argentineans who-in the default- lost all their savings.

What are some of the potential consequences for Turkey? At another level, how might it impact expats? A devaluated drachma may certainly create favourable conditions for expat retirees. Though it will mean EU citizens losing the current no-visa requirement.

A new retirement destination?


Greeks Run on Banks
Much would then happen simultaneously. Greece would announce its decision, declare a two-day bank holiday – as Argentina did when it defaulted in 2002 – and convene an emergency session of Parliament. Assuming MPs rubber-stamped the exit (admittedly no foregone conclusion in Greece), new laws would be passed governing the details of an exit. These would include, according to Variant Perception, “currency stamping, demonitisation of old notes, capital controls and redenomination of debts”.

First, Greece would create a new currency and give its central bank new powers. The new drachma would initially be set at 1:1 to the euro for the purposes of conversion – but swiftly collapse. All money, deposits and debts held by locals within Greece would be automatically converted to the new drachma. Deposits and debts outside Greece would not convert

Eurozone debt crisis: how Greece could exit the euro - Telegraph

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