Greece's real threat to the euro zone

Default will be disastrous for Greece and the resulting contagion would be damaging for Europe. So goes the conventional wisdom. The only debate relates to the strength of contagion and the appropriate response of the vulnerable countries and of the cheque-writing country. Might the debate be misguided — because the basic premise is flawed? There is one, overlooked, scenario in which default is not a disaster for Greece. If this is the case, the real, more existential, threat to the euro zone might be very different, in which, yes, the Greeks have the last laugh. Consider that scenario.

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