Eurozone exits no longer taboo

Janis A. Emmanouilidis

EPC Commentary

11/2011

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The crisis has entered yet another phase, with Greece's membership of the euro zone being openly contested. In this commentary Janis A. Emmanouilidis argues that a possible transitional government and every other future Greek government need to regain trust by providing evidence of the country's firm commitment and ability to fulfil its obligations.

The author holds that the chances of Greece being able to do so have increased over the last couple of days, as the danger of being forced to leave the euro zone has become a realistic possibility. The gravity of the moment signals that the time for muddling through and political manoeuvring is clearly over, and the potential establishment of a unity government with a well-defined mandate would be an important signal and a decisive first step in the right direction.

PDF download available here.


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