Greece should have been told that it could reap the benefits of devaluation, while the international community would act to minimize the attendant costs. The precise terms of Grexit – agreed by the troika (the IMF, the European Commission, and the European Central Bank) and Greek authorities – surely would have included a negotiated reduction in Greece’s debts, as well as a strategy for recapitalizing the banking system in order minimize uncertainty, pain, and disruption.