Admittedly, Europe’s banking system is much stronger than it was during the meltdown of 2011/2. The eurozone has also buttressed itself with a number of backstops, including the promise of unlimited bond buying by the European Central Bank. It is sometimes argued that the rest of the single currency would actually be strengthened by a Greek exit, which might provide such a shocking example to others that they would finally get fully behind the programme. It might also prompt the ECB to put its divisions behind it, and embark on a full scale programme of quantitative easing.