A better way for Greece to exit the Euro?

[tpfkaw]

Now, the main concern with a return to the Drachma in Greece is that if a currency is instituted then it will be impossible to establish a stable valuation for a currency whose obvious raison d'etre is to be devalued, and there will simultaneously be a run on all Euro-denominated assets.

Perhaps a better way to do it would be for Greece to announce that they will be redenominating their bonds in some other country's currency declining in value relative to the Euro (the Turkish Lira, perhaps? ).  This way they would not have an immediately hyper-inflating currency or a wave of bank failures, and the markets would be given time to react to a less drastic move.  Then, they could move back to using the Drachma much more safely (although they could expect 20%+ bond yields for the forseeable future).

[tpfkaw]

Besides the obvious political problem with Greece adopting the Turkish lira, the lira has been a fairly sturdy currency since they chopped six zeros off seven years ago.

I know, that part was a silly throw-away joke (hence the " ").

[tpfkaw]

Wouldn't Greece adopting another currency immediately destabilize said currency(unless it's dollar, but that would be just retarded).

No, because it's not controlled by the Greek central bank.

(And I'm also not suggesting they adopt the currency, just that they redenominate their bonds in it).