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How to leave the euro

For a country to leave the currency, it would first have to suspend democracy

By Wolfgang Munchau  
April 25, 2012
February 2012

A replica of the last edition of the drachma in central Athens—but could the currency make a comeback if Greece leaves the euro?

How do you get out of the eurozone? Leaving a monetary union is about the messiest thing that a country can do, short of entering into a war. But what if you have to leave the eurozone? Greece might soon be in that situation—so too Portugal.

Assume that something goes wrong in Greece. Perhaps Lucas Papademos cannot hold his quarrelling coalition together. Perhaps Greece will not be able, or willing, to comply with the austerity demands of…

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Wolfgang Munchau

Wolfgang Münchau is European Economic columnist for the FT and Director of eurointelligence.com

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