Sunday, June 28, 2015

Greece can’t leave the euro without leaving the EU Global Spectator, by Andrés Ortega

When the European Commission says Greece’s membership of the euro is ‘irrevocable’ it is not expressing a political position but a legal reality. Such an eventuality is not foreseen in the treaties: it is legally impossible. The only way out of the Economic and Monetary Union (EMU) would be to leave the EU itself –a voluntary step that has finally been made possible by the Lisbon Treaty (art. 50), but which had not been contemplated before that–, a possibility only envisaged by the UK should that option win in the referendum..

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