"It would show that you can get out if you want," he said. "The next time growth slows and markets realize how high debt levels are in Europe, investors will ask: which country will leave the eurozone next?"
While always restating their desire to keep Greece in the eurozone, European governments are warning that they will not rescue Athens at all costs.
"What we have now in place would certainly allow us to survive [Grexit]," Johan Van Overtveldt, the Belgian finance minister, told the Financial Times this month. "Nobody talks too much about that very openly but my feeling is [the view] is quite present around the table."
Greece debt crisis
The Syriza government faces resistance to its plans to tackle the country's massive debt burden
Such comments may be intended as a message to Greece's Syriza-led government in bruising negotiations over new financing. To the extent that creditors believe they could survive a Grexit, they deprive Athens of leverage it enjoyed in previous bailout talks.
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In addition to quantitative easing, they also point to the disentanglement of Europe's financial sector from Greece as well as the backstops erected during the eurozone crisis.
Since 2012, European policy makers have introduced the European Stability Mechanism, a permanent rescue fund designed to limit financial chaos that might arise from an event such as a Greek exit. At the same time, European bank exposure to Greece has fallen from €175 billion in 2008 to €42 billion. The bulk of the country's debt is now in the hands of the EU, the ECB and IMF instead of the private sector.
However, some worry that complacency has crept in. "Financial markets seem remarkably relaxed about a potential Grexit; they believe that either it will not happen, or it will not matter. That belief deserves to be challenged," Tidjane Thiam, the new chief executive of Credit Suisse, told the Financial Times this month.
Even though Greece's output is only about 2 percent of eurozone GDP — not much bigger than that of the cities of Madrid or Milan — Markus Allenspach, head of fixed income research at Julius Baer private bank, argued that a Grexit could still have systemic consequences.
He cited the example of Heta, the Austrian asset resolution company. Vienna's decision to order a 15-month moratorium on principal and interest payments for bonds issued by Heta meant that Düsseldorfer Hypothekenbank, a small German property lender, had to be rescued because of its exposure.
Mr Allenspach said: "It is fair to assume that a Grexit would cause massive impairments on loans to Greek banks in the first round, followed by impairments on loans to neighboring central European countries."
The prospect of such impairments is not reflected in market valuations, he added.
This may be because there is a lack of investor consensus about the prospect of a Grexit. Even as Greece's tussles with its creditors become more rancorous, analysts such as Phyllis Papadavid, senior global currency strategist at BNP Paribas, regard Grexit as a "low probability" event.
But if it were to happen, then investors' new-found confidence in a recovering eurozone would be damaged.
"One of the pillars of a monetary union is the commitment of each member to staying in," Ms Papadavid said. "If one member leaves it shakes those pillars of mutual commitment and economic partnership."