A pensioner wait to receive part of his pension at a National Bank branch in Athens, Greece July 13, 2015. REUTERS/Yiannis Kourtoglou
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The hard-liners who reject a Greek debt write-down to keep it in the euro are willing to pay much more to drive it out. A "Grexit" would cost creditors almost 100 billion euros ($110 billion) more than keeping Greece in the currency union, reckons Alberto Gallo, head of macro credit research at Royal Bank of Scotland Group PLC. Gallo figures the costs this way: A "big haircut" to keep Greece in the euro would cost about 130 billion euros; a combination of haircuts and eased payment terms would cost about 40 billion euros to 50 billion euros.Creditors would have to write off most of the debt should it be redenominated into Greece's former currency, according to Gianluca Ziglio, a fixed-income strategist at Sunrise Brokers LLP in London. Leaving the euro would cost lenders about 240 billion euros to 250 billion euros, he estimated.
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