Budget watchdog chair warns Greek euro exit could do irreparable damage to UK

Robert Chote, the Chair of the Office for Budget Responsibility, told the Guardian that a Greek exit from the euro could plunge Britain into a second recession that could do irreparable damage to the UK.

That means not just that the economy weakens and then strengthens again – ie, it goes into a hole and comes out – but that you go down and you never quite get back up to where you started.