How could/would Greece leave the eurozone?
The Journal, 03.11.2011
The Greek government is in turmoil today after French and German leaders issued a stark ultimatum over its future as part of the eurozone. […]
TheJournal.ie asked expert Janis Emmanouilidis of the European Policy Centre for some answers. Here is what he had to say:
You can’t just kick a country out of the euro “That legally is impossible,” Emmanouilidis says. There is an exit clause in the EU’s current Lisbon Treaty, but countries cannot be forced to take it – meaning Merkel and Sarkozy do not have the power to eject Greece from the single currency. “A country wishing to exit would have to ask for (the clause) to be used,” Emmanouilidis says. “So in this case, the Greek government would have to ask for an exit.”
You can’t leave the euro without also leaving the whole EU The exit clause cannot be used only for certain elements of the European Union such as the single currency – if you’re leaving, you have to go the whole hog. “In legal terms”, Emmanouilidis says, to leave the euro “the country concerned would have to leave the EU. The question is then, would Greece re-enter the EU under different conditions? But you would have to negotiate what that means. And if you enter the EU, you usually have the obligation to join the euro.”
But there are sneakier ways to force a country out “Money is the way to put pressure on the Greeks,” Emmanouilidis says. If the EU simply halts the bailout programme and refuses to release any more funds, Greece could simply be pushed into leaving of its own accord. “You’re pushing the country to bankruptcy,” he says. “Then the country itself will have to choose how to go. In effect you will be pushing them to the decision of whether to leave the eurozone.”
For the original article see here.
Latest media contributions
Ursula von der Leyen: Erste Rede zur Lage der Union
Interview, WDR 5 (German radio), 16.09.2020
"Eine Gesundheitsunion ist ein sehr ambitioniertes Ziel"
Interview, rbb (German radio), 16.09.2020
Ein ganz anderes Europa
Interview, tagesschau.de, 15.09.2020
EPC Update – analysis of ongoing COVID19 situation and state of affairs regarding Brexit
Online Briefing, YouTube, 04.09.2020
Comment l'Europe tente de mettre fin au bazar des avis de voyage
Quotes, La Libre Belgique, 04.09.2020
Les Etats-Unis d’Europe, un rêve encore lointain
Quotes, Capital (FR), 22.07.2020
Charles Michel a trouvé la bonne méthode : "Le succès du Conseil européen, c’est aussi le sien"
Quotes, La Libre Belgique, 21.07.2020
Angela Merkel Guides the E.U. to a Deal, However Imperfect
Quotes, The New York Times, 21.07.2020
EPC Update – analysis of ongoing negotiations on MFF & Recovery Package
Online Briefing, YouTube, 20.07.2020
Erste Einigung bei Milliardenzuschüssen
Quotes, ORF, 20.07.2020