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In a co-authored op-ed, Professor Nicholas Economides argues against Greece's exit from the eurozone

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Excerpt from Kathimerini -- "The consequences of Grexit would be catastrophic for Greece both in the short and long term. The lack of competitiveness of the Greek economy would result in a quick devaluation of the new drachma vis-a-vis the euro, and the real income of employees and pensioners would shrink dramatically. The national and private debt in euros would became much larger in new drachmas and much more difficult to service. Deposits would be forcibly converted to new drachmas, losing at least half their value."

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