Q&A: What happens if Greece leaves the euro?

Page last updated at 12:01 GMT, Friday, May 11, 2012 - 17:01 EST

Al Jazeera:

Most Greeks say they want their country to remain in the eurozone

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Will Greece leave the euro - and if so, what would happen next?

The question has been bandied about for a few years now, but has gained more attention after Greek elections gave big boosts to parties opposed to the terms of the country's bailout by the European Union and International Monetary Fund.

Jörg Asmussen, a member of the European Central Bank's executive board, recently said that Greece must adhere to the bailout's terms - which require the Greek government to make additional cuts to public spending - if it wants to remain in the eurozone. Although most Greeks do want to stay in the eurozone, austerity measures, such as reducing the minimum wage and cutting pensions, are deeply unpopular.

Some analysts speculate that a Greek exit from the euro (or a "Grexit", as it's been dubbed) could set off a chain reaction, causing economic panic in other peripheral eurozone countries such as Spain.

Al Jazeera's Sam Bollier spoke to Evi Pappa, an economics professor at the Universitat Autònoma de Barcelona, about the ramifications of Greece leaving the currency.

Read the whole story: Al Jazeera