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'Oxi' was the cry of the Greek anti-austerity camp on Sunday, as it celebrated victory in the referendum over the debt repayment proposals put forward by Greece's three main creditors, the IMF, the ECB and the EU. Not that everyone is celebrating; the result has edged Greece closer to an exit from the Eurozone and some predict financial disaster for Greece should a 'Grexit' take place.
So if Greece does exit the Eurozone, how might it happen? And what are the implications for finance documents?
As there is no formal process in place for a nation to withdraw from the euro, considering how a Grexit would pan out involves speculation. However, there are two likely scenarios.
First, the EU could manage the withdrawal, either from the Eurozone or from the EU as a whole. This scenario would require agreement from the other member states and fresh EU legislation would need to be drawn up to facilitate a Greek withdrawal.
Second, a Greek withdrawal (again from the Eurozone or the EU) without the consent of the other member states. This would involve Greece passing legislation invoking monetary sovereignty, setting out a timetable for establishing a new currency, and redenominating all its debts into its new currency.
Whichever of these scenarios occurs it's clear that time is running out for Greece; its banks are on extended holiday and on the verge of running out of cash and collapsing. Indeed, in the wake of the r
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Miranda is a solicitor specialising in leveraged and acquisition finance. She trained at Hogan Lovells International LLP and qualified into the international banking and finance team. During her time at Hogan Lovells she worked on a variety of domestic and cross-border transactions, acting for both borrowers and lenders. She also experienced secondments to Barclays Bank PLC and Kaupthing Bank hf.
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