German Chancellor Angela Merkel’s Christian Democratic Union party voted to offer euro states a “voluntary” means of leaving the currency area.
CDU delegates meeting in the eastern German city of Leipzig for their annual party congress today backed a motion on the euro that included a clause permitting euro exits without exclusion from the European Union. They rejected an amendment that would have sought to change voting at the European Central Bank so that it is weighted according to economic size.
This isn't a graceful exit, this is opening the emergency door on the plane while in flight and kicking Greece out, parachute optional. You don't go to the trouble to craft a law giving countries optional exits from a collective currency unless you plan to see that law used. Methinks some sort of gun will be held to Greece's head very shortly involving this, once enough other EU countries pass optional exit laws. They'll follow Germany's lead, however.
Only question is how soon.
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