Abstract
It has been said that a yacht is the closest that a commoner can get to sovereignty. These days, Greece, with yachts a-plenty, may feel that its country’s sovereignty is a bit at sea as well. The EU/IMF bailout of Greece in May 2010 and the events surrounding it inspired our Board to commission an article last year by a leading expert1 on whether, and, if so, in which circumstances and by what means, an EU Member State could exit the eurozone. CMLJ is often a platform for experienced practitioners and scholars to provide practical advice about what is known. However, the journal has also not been shy to ‘think the unthinkable’ and contemplate what might be. We’re betting that Mr Proctor’s article has come off more than a few shelves for a re-read in recent months. In any event, one year on from that bailout the sovereign debt crisis in Europe appears to have gone from bad to worse. While the situation in Greece seems to have deteriorated, investors view the solvency of a number of other eurozone Member States as similarly precarious. As a result, there is heightened intensity in much of the discussion about financial rescue mechanisms today. Two of our offerings in this issue aim to enlighten the debate.
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