Schauble argued that a departure from the euro zone would have facilitated a restructuring of Greek debt. He also pointed out that a decline in the value of the new Greek currency would allow its economy to regain competitiveness. In particular, its tourism industry would suddenly be hypercompetitive as prices would possibly be 30-40 percent lower relative to other tourist spots in the region.

Schauble proposed an orderly disengagement from the euro that would allow Greece to reestablish its own currency with as little disruption as possible. He also proposed humanitarian assistance to ensure that supplies of food, medicine, and other essential items were available through the transition process.

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There are two major benefits from the Schauble plan. First, it would put Greece in a position to restructure its debt. While there would be many battles with creditors over the extent and conditions of any write-downs, the immediate outcome would be to free Greece from the obligation to run large primary budget surpluses to pay interest on its debt. This could provide a substantial boost to its economy as money that would be flowing out of the country for debt service could instead be used for domestic purposes like sustaining infrastructure and paying for health care and pensions.

The other major benefit would be that a lower valued currency would make Greek goods and services more competitive internationally. This should provide a substantial boost to its net exports, which would lead to growth and jobs.