NGDP: Not Just Making This Up
- Existing debts would remain denominated in Euros. In that case, there would be a colossal wave of defaults, since the value of these debts in terms of devalued Drachmas would soar. This is basically what happened to Dollar-denominated borrowers in emerging markets in 1982 and 1998.
- Existing debts would be denominated in Drachmas. In that case, these debt burdens would be lighter. However, there would be huge losses on these debts for foreign investors, and also domestic investors in real terms.

