Another case of unmitigated nonsense. I didn't expect anything better from a rag like Spiegel.
For the record there has been a barrage of denials during the last hours, including Merkel, Trichet and of course our government.
Sure, but given the amateurish way the crisis has been addressed, it will be hard to absolutely deny the report.
No, it's not hard at all. For a country to abandon Euro it is as feasible as a US state seceding.
There is no legal provision for something like that to happen.
The problem is that Greece and the ECB have their credibility tarnished, and any of their words cannot be taken for face value. And just because the law does not permit abandoning the Euro does not mean it is impossible to do so de facto, perhaps by introducing a parallel, officially unofficial unit. After all, almost every Eurozone member has repeatedly failed to keep their public deficit within the Eurozone limits, and did so without consequence.
Perhaps if the ECB acted decisively to open the books of all Eurozone states, they would have more credibility now. But if there's one thing true in economics, it's that perception is reality.
