Benchmark
Here's What Defaults Did to Other Countries as Greece Teeters
History offers hints for Greece's future
Greek national flags fly alongside a European Union flag outside a store in Athens, Greece.
Photographer: Kostas TsironisThis article is for subscribers only.
By Friday, we may know whether Greece has reached a debt deal with its creditors. A failure could trigger a default and raise the prospect that it becomes the first country to leave the euro currency union.
The history of previous economic cataclysms suggests that changes in currency values can work as escape valves that quickly, though not painlessly, relieve pressure on an economy. Massive depreciations allow countries to become more competitive internationally, enabling them to draw back from the brink more quickly.