Get ready to buy Greece

A Greek default could pave the way for investors into the country's stockmarket, says Paul Amery. Here, he tips one exchange-traded fund - not for the risk-averse.

What should you do if Greece leaves the eurozone? Your immediate instinct might be to stock up on canned food and ammunition. But a better bet might be to buy the Greek stockmarket. If that sounds mad, remember that by abandoning the constraints of euro membership and reintroducing a central bank with the power to pump liquidity into the economy, Greece may actually lay the seeds for economic revival.

If you imagine that defaulting on its international debt a near-certainty if Greece departs from the euro might consign the country to years of being cold-shouldered by global lenders, think again. Time after time countries have shown that defaulting only results in temporary exclusion from the international capital markets. In any case, since they've just shed the last lot of debt, they don't need to borrow again for a few years anyway.

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Paul Amery

Paul is a multi-award-winning journalist, currently an editor at New Money Review. He has contributed an array of money titles such as MoneyWeek, Financial Times, Financial News, The Times, Investment and Thomson Reuters. Paul is certified in investment management by CFA UK and he can speak more than five languages including English, French, Russian and Ukrainian. On MoneyWeek, Paul writes about funds such as ETFs and the stock market.