The burden of trying to boost markets would probably be taken on by the European Central Bank, which has tried to leave the politicians to it in recent weeks by keeping interest rates on hold and putting off further intervention. The central bank has already pumped more than 1 trillion euros ($1.25 trillion) worth of cheap loans via a long-term refinancing operation into the continent’s banking system.
An exit could also spur euro zone politicians on to take more decisive actions to foster closer ties between the remaining countries, through more fiscal integration or even the much talked-of Eurobonds – debt issued by the euro zone as a whole.
“The immediate fire-fighting in the financial markets would again fall to the ECB. But with the rubicon of exit having been crossed, the euro zone’s political elite would surely have to take stronger action to ensure its survival,” the euro zone & economic strategy team at ING wrote in a research note.
“ Angela Merkel is prone to talk of the process of European integration being a marathon: the Greek saga could turn it into a sprint.”
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