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Grexit is again hot, although most of the partners have publicly denied it is probable.

Large foreign banks have many times acted out their scenarios of Greece's exit from the Eurozone and keep adapting them to fluctuating conditions. Kathimerini has gathered university studies carried out for other countries or central banks, as well as the views of various sources, as to what will happen should this scenario come true.

There are 10 steps to be taken if Greece is compelled to quit the euro and hark back to its own currency. Once all the legal, political and administrative problems are addressed, the process will be set off, leading to a new currency, which just as well could be the old drachma. The Kathimerini publication has listed them:

1. All bank currency stocks in euro become frozen.
2. Both deposits and loans in euro are converted into drachma, at a rate of 1 to 1. The same goes for bank deposits in the Bank of Greece and for the loans (even from ELA) received by banks.
3. A preliminary debt reduction in the public and private sectors might be decided at the political level. Technically, this might be done by an early drachma devaluation, even before the currency is actually in use.
4. Capital transfers from the new drachma accounts into euro accounts are disallowed.
5. Wages, commodity and service prices, loans, etc. will be converted into drachma, at a rate of 1 to 1.
6. The ECB will make available an extra loan to the Bank of Greece so it can have the euro stocks that it needs.
7. Once the drachma is circulated, the market players start negotiating. A substantial devaluation is expected here, which might reach 60%. All the benefit of the debt truncation is lost.
8. The freeze on accounts and capital movement shall remain in force until the big exchange-rate fluctuations settle down.
9. Currency exchange points will convert customers’ euros into drachmas as all transactions in the country will be done in drachma, as required by the law.
10. The inflation resulting from the drachma depreciation will strongly affect prices across the board. Imported products, e.g. fuels, will perhaps be influenced upwards most dramatically.