If you want to know what a Greek exit from the euro would do to the €16.7 billion ($19 billion) of bonds out there backed by Greek assets, a good place to start is Argentina.

After Argentina abandoned its currency peg to the dollar in early 2002, the peso fell as much as 75% against the greenback. In tandem with cutting loose the currency, the government switched all local dollar debt under $100,000, such as mortgages, into pesos.

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