By William Watts, Market Watch

NEW YORK — Remember Grexit? Looming elections in Greece have people again talking about the possibility of a country leaving the euro.

If it were to come to that, it wouldn’t be a simple task. And some economists fear the turmoil that would surround a breakup could trigger another global financial crisis. While financial markets aren’t exactly up in arms over the prospect, it’s worth a closer look at exactly how a Greek exit might play out.

One possible path was detailed by economist Roger Bootle, the founder of London-based research firm Capital Economics. In fact, the plan won the 2012 Wolfson Economics Prize, which was a contest for proposals on how to dismantle the eurozone. Read the unabridged proposal here.

Here are some of the plan’s highlights:

Secret preparations, capital controls: This would be necessary because word of an exit would prompt a run on the banks. After all, who would want to leave their euros EURUSD, +0.42% parked in a Greek bank to see them converted overnight into drachmas? “Accordingly, preparations must be made in secret by a small group of officials and then acted on more or less straightaway,” wrote Bootle and his associates.

Temporary capital controls, including temporary closure of the banks, would be essential just before departure.

Parity with the euro (at first): In order to maintain price transparency and boost confidence, it would be best to introduce the new currency at parity with the euro. In other words, if the price of an item was €1.35, it would now be 1.35 drachmas. They note that the drachma would, of course, be free to fall on foreign exchange markets and that it is actually crucial that it does so.

Redenominated debt, substantial default: The government should redenominate its debt in the new currency and make clear it plans to renegotiate the terms, which would likely include a “substantial default,” they wrote, while also making clear the intention to resume servicing remaining debt as soon as possible.

Bootle and his team offered several other recommendations, including a call for the national central bank of an exiting country to implement inflation-targeting and stand ready to inject liquidity into its own banking system, using quantitative easing, if necessary. They must also make clear they’re ready to recapitalize banks, the plan recommends.

They also urge clarity on legal issues, including the country’s European Union status and the impact on international contracts denominated in euros. This clarification is needed because it’s not clear if Greece would be allowed to remain an EU member while splitting from the shared currency.

So those are some of the broad strokes.

Some economists fear that a Greek exit could have cataclysmic effects on Greece and potentially the rest of the eurozone. Economist Barry Eichengreen warned that an exit would spur fears other countries would follow suit. “It would be Lehman Brothers squared,” he said at an economics conference.