While policy-makers and investors around the world are fretting about a Grexit—the possibility of Greece abandoning the common currency—I would instead insist on considering an agreement as to the most likely outcome of current negotiations between Athens and the Brussels institutions. Even in the case of extreme political and financial turbulences, the Euro area could still arrange emergency assistance to Greece through the provision of an emergency credit line by the European Stability Mechanism (ESM), which is operated by the European Central Bank (ECB).

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