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