Greece exiting the euro? Not so fast

Simply because Greece defaults on its debt doesn't necessarily mean it will immediately leave the euro zone. In fact, according to this Reuters article, there is no mechanism in the EU charter that would allow member states to force another to leave. In short, Greece would have to opt out on its own - something that 80% of the country (at least in opinion polls) says they don't want to do. Article 50 of the Lisbon Treaty is the relevant piece of legislation dealing with a country that wants to leave. (tiny.cc/eotaew) In essence it says that if such a decision is taken, an agreement would have to be drawn up with the other 26 member states setting out the arrangements for withdrawal. That would have to be approved by a qualified majority of EU countries and backed by the European Parliament. The rules would appear to leave the decision largely in the hands of the departing country. But when asked if that were the case during a meeting in Brussels last week, German Finance Minister...(Read Full Post)

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