Greece faces legal problems in exiting Eurozone

Charles Proctor, Bird & Bird: existing law does not cover a withdrawal from the euro

With the credit markets still pricing in a high probability of default for Greece, despite confirmation last weekend of an improved €110 billion IMF-Eurozone emergency funding package, some analysts have suggested Greece may still be forced to exit the Eurozone if it is unable to address its crippling fiscal problems.

However, while that last resort option would theoretically give Greece control over monetary and fiscal policy decisions – including depreciating its currency – there are questions