Of course, I don’t want to speculate about any country leaving the Eurozone; we haven’t seen this yet and this would be a very grave event. And that’s why I’m counting on the Greek government to stick to its agreements. That’s my preference. And which are the other risks?
However, one recent estimate suggests that state governments have a collective liability of almost $ billion for retiree health benefits. 6 These health benefits have usually been  alignment with tax revenues over time. Equivalently, the so-called primary budget deficit (the budget deficit exclusive of interest payments) must be reduced to zero.