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Part F Cross-Border Issues, 40 Banks and the Eurozone Crisis

From: The Law and Practice of International Banking (2nd Edition)

Charles Proctor

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 08 December 2022

Regulation of banks — Debt — Security interest — Eurozone

The Eurozone has been in the midst of a financial crisis since the extent of Greece's sovereign debt problems became public in 2009. This chapter examines the consequences if a Member State found itself compelled to withdraw from the Eurozone as a result of its difficulties. It begins with some general remarks about the applicable treaty provisions and the framework for a Eurozone withdrawal. It then analyses the consequences if Greece withdrew from the Eurozone with the consent of the other Member States; or if Greece withdrew from the zone on a unilateral basis. It also considers essential measures aimed at protecting the national economy and the banking system, including the imposition of exchange controls.

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