By Alistair Osborne – It would take place late on a Friday night, after the markets closed, or possibly Saturday morning. It would also signal the start of what Saltiel* sees as the “containment” phase of the operation – before the lengthier “resolution” stage.
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. more> http://is.gd/IJaS9e
* Miles Saltiel, the lead author of the Adam Smith Institute’s entry for the Wolfson prize.
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