Eurozone break-up would herald legal quagmire, warns Bird & Bird partner

One or two countries leaving the Eurozone might be containable, but any more than that would be a catastrophe from a legal perspective, says Bird & Bird partner Charles Proctor.

Charles Proctor, Bird & Bird

During the past year, every man and his dog, at least those active in the financial markets, has speculated as to whether Greece or any of the other struggling peripheral economies will leave the Eurozone, and what the ramifications of that might be. This has brought a large degree of uncertainty to the bond markets; uncertainty that has unquestionably been a major contributor to the spike in yields of peripheral government debt.

Not helping to lift the uncertainty is the fact that there is

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