History Offers an Ugly Precedent for a Greek Euro Exit
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June 1 (Bloomberg) -- Looking over the precipice ofnational default and an untimely exit from the internationalmonetary system, the Greek leader issued a somber warning toEurope’s economic leaders: “Bear in mind that if you leave thesmall states without assistance, a black future awaits Europe.”
Delivered by Prime Minister Eleftherios Venizelos on April15, 1932, less than two weeks before his nation would suspendloan repayments and exit the gold standard, the prescient remarkand the trials that followed offer urgent lessons for thecurrent Greek crisis.