25 Life Changing Scenarios That Could Become Our New Reality If ‘Grexit’ Occurs

The chances of Greece leaving the euro zone on Sunday-just a few days before the deadline for keeping the country in the nineteen-nation bloc-is currently is a real possibility, and the stability on a political and economic level seems to be more fragile than ever before. The European Central Bank has insisted since the beginning of the Greek crisis that membership in the currency bloc is irreversible but recently a change of mood has become palpable among policymakers. So what happens if Greece does indeed become the first member state to leave the euro zone this Sunday (in an event currently known as ‘Grexit’)? That’s a great question and we are glad you asked it! Here are 25 Life Changing Scenarios That Could Become Our New Reality If ‘Grexit’ Occurs.

25

Unemployment in Greece is the highest in the euro zone even after six years of austerity. However the current 25 percent rate would be nothing compared to what would follow in the first year after the so called "Grexit."

Source: ekathimerini.com, Image: en.wikipedia.orgSource: ekathimerini.com, Image: en.wikipedia.org
24

Inflation would rise dramatically but-according to Capital Economics and Oxford Economics-would only be temporary and with a new currency the country would benefit in the long term.

24Source: Financial Times, Image: en.wikipedia.org
23

Greek exports would be cheaper to purchase and, in the long run, more goods and services may be sold to foreign countries.

23Source: The Telegraph, Image: en.wikipedia.org
22

Nevertheless, according to Barclays, a sudden economic crisis would lead to social unrest with violent riots in the streets of Athens.

Source: barclays.com, Image: en.wikipedia.orgSource: barclays.com, Image: en.wikipedia.org
21

And according to many economists and experts it would be the first time a developed country would enter into a developing country zone.

Source: barclays.com, Image: flickr.com, Photo by Lefteris HeretakisSource: barclays.com, Image: flickr.com, Photo by Lefteris Heretakis
20

The drachma would most likely become Greece’s official currency again, which would make the drachma the most ancient active currency in the world.

DrachmaSource: mjourney.com, Image: commons.wikimedia.org
19

The ratio of smokers would decrease since Greece is the second highest nation of smokers in the Union behind Austria.

Source: Eurostat, Image: en.wikipedia.orgSource: Eurostat, Image: en.wikipedia.org
18

Most EU official languages are written in the Latin alphabet except Bulgarian, written in Cyrillic, and Greek, written in the Greek alphabet. If Greece were to exit the EU then the Union would be left with two alphabets.

Source and Image: en.wikipedia.orgSource and Image: en.wikipedia.org
17

The EU would lose over 90 percent of its Christian Orthodox citizens since Greece and Cyprus are the only member states that follow the Eastern Orthodox Church.

Source: Eurostat, Image: commons.wikimedia.orgSource: Eurostat, Image: commons.wikimedia.org
16

The EU would lose about 40 percent of its olive oil supplies, which Greece exports on an annual basis.

Source: Eurostat, Image: en.wikipedia.orgSource: Eurostat, Image: en.wikipedia.org
15

The EU would no longer have seventeen of its UNESCO World Heritage Sites, with the Parthenon, often described as the cradle of Western civilization, being the biggest loss of all.

Source: Eurostat, Image: flickr.com, Photo by Konstantinos DafaliasSource: Eurostat, Image: flickr.com, Photo by Konstantinos Dafalias
14

The EU would lose its seventh largest urban zone and the fifth most populous capital city of the EU, with a population of nearly five million people. Athens is also the southernmost capital on the European mainland, which means that the EU’s borders would drastically change.

Source: Eurostat, Image: en.wikipedia.orgSource: Eurostat, Image: en.wikipedia.org
13

Additionally, the EU would lose its oldest capital as Athens is the oldest capital city in all Europe with a continuous civilization and human presence from around the eleventh millennium BC.

The ParthenonSource: Eurostat, Image: commons.wikimedia.org
12

The EU would lose its twelfth most consuming nation since Greece contributes 1,882,611,879 euros, about 2 percent of the total contribution in euro.

Source: Eurostat, Image: en.wikipedia.orgSource: Eurostat, Image: en.wikipedia.org
11

The European Union would lose 2.2 percent of its total population (11 million Greek citizens) and about 3 percent of its area.

Source: Eurostat, Image: commons.wikimedia.orgSource: Eurostat, Image: commons.wikimedia.org
10

In the case of a Grexit, the country’s real GDP would immediately plunge 25 percent and still be 20 percent below the baseline after four years.

Source: rt.com, mage: en.wikipedia.orgSource: rt.com, mage: en.wikipedia.org
9

Even though Greece is already one of the world’s top nations in tourism, a possible Grexit would benefit its tourism even more since the new currency would be significantly lower at the beginning compared to the euro and the dollar.

Source: The Guardian, Image: pixabay.comSource: The Guardian, Image: pixabay.com
8

Debt repayment would become more costly due to the lower value of the drachma but it’s pretty much sure that the debt would be reduced significantly simply because the creditors would realize they will never get their money back.

Source: The Economist, Image: commons.wikimedia.orgSource: The Economist, Image: commons.wikimedia.org
7

The theory that began in Britain and that suggests the EU might not be as democratic an institution as it claims to be, and that Germany never planned to be an equal member state alongside the others but rather an expansive economic force that seeks to dominate with its leadership, would be proven true.

Source: The Economist, Image: en.wikipedia.orgSource: The Economist, Image: en.wikipedia.org
6

The fact that countries on the euro zone’s periphery are no longer as susceptible to risk as they were during the outbreak of the euro turbulence of 2010 and would leave a member state helpless would damage the fundamental pillars of the EU, which are based on equality and solidarity in the eyes of many European citizens and those farther afield.

Source: The Guardian, Image: en.wikipedia.orgSource: The Guardian, Image: en.wikipedia.org
5

The failure of the EU to save one of its oldest and most important members, which has suffered economical, social, and political unrest the past few years, would pretty much justify the far-right parties within Greece and the European Union that have been rising up throughout Europe as of late mainly due to its failed economic policies.

Source: Telegraph, Image: commons.wikimedia.orgSource: Telegraph, Image: commons.wikimedia.org
4

Though the German government argues that a Grexit wouldn’t affect the euro zone, a look at the euro’s free fall in the global stock exchanges a day after Greek prime minister Alexis Tsipras announced the referendum, showed that the announcement of the economic failure of a member state would damage the Union’s currency much more than thought.

Source: The Financial Times, Image: en.wikipedia.orgSource: The Financial Times, Image: en.wikipedia.org
3

If Greece leaves the EU, it is highly unlikely the country will continue trying to prevent illegal immigrants from traveling on to the rest of Europe. On the contrary, in March, Greek defense minister PanosKammenos vowed to flood the rest of Europe with immigrants if the EU should allow Greece to go bankrupt.

Source: Telegraph, Image: flickr.com, Photo by Debout la FranceSource: Telegraph, Image: flickr.com, Photo by Debout la France
2

Despite its small size and economic power Greece’s significant geopolitical position on the world map has traditionally made it an important ally of the United States since Greece is the link between Europe, Asia, the Middle East and Africa. Both Russia and China are eager to strengthen their position in Greece if it were to turn its back on Europe and NATO. The consequences of a Grexit will not merely be economic but the strategic implications are much more important and far reaching.

2Source: Wall Street Journal‎, Image: en.wikipedia.org
1

The biggest issue with Greece leaving the euro zone, however, is that it would have serious consequences for the EU’s institutions as a whole and raise questions about what could lead other countries to leave as well.

Source: Wall Street Journal‎, Image: en.wikipedia.orgSource: Wall Street Journal‎, Image: en.wikipedia.org


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