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The Economist: 'The Greek Run and the GREXIT'

The British magazine The Economist published an article about the Greek crisis, showing a 20-Euro-note burning by the flame of an Olympic torchbearer.
Titled “The Greek Run,” the article reports on “the ugly term for what may soon become an even uglier reality: Greece’s departure from the euro zone” or else, “GREXIT.” But the runner could be the torchbearer, or the individual searching for rescue or even the bank run, suggesting the mass withdrawal of bank deposits from the country.
The journalist assumes that this exit is a possible scenario for the near future and comments on the upcoming elections’ outcome on June 17.  Alexis Tsipras, leading in polls, talks about renegotiation of the Memorandum but Merkel refuses to change the demands.
“If in fresh elections the objectors have a majority and if they renege on Greece’s bail-out deal, then the world will cut off the supply of rescue funds,” warns the British journalist.
“Advocates of an exit say that Greece would gain from a cheaper currency, and that the politics of forging a closer fiscal and financial union between the euro zone’s remaining members would be easier without a country that should never have joined in the first place,” adds The Economist.
Despite the fact that the journalist admits that the “exit is not an easy or desirable outcome,” he calls on Greek politicians to inform citizens what an exit implies and says to Greeks that “you cannot avoid austerity, either within the euro or outside it.”
The British magazine does not even hesitate to compare Greek exit of the eurozone with a Titanic scene, since “deposits are fleeing Greek banks at an accelerating pace and extremists would threaten the country with a dictatorship.”
The Europeans should work “in a rush” to avoid the catastrophe, according to the British, since a “Grexit” could quickly turn into a general “Euro-strophe.”

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