If Greece Quits Euro, Its Ruin Will Be Pointless
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The chaos in Greece has resumed and a new election that nobody expects to resolve anything looms. Exasperated European Union officials have begun openly discussing the country’s exit from the euro currency system. This is a grave mistake. Greece’s exit would be no less catastrophic than when the EU called it unthinkable -- and not just for Greece.
“Divorce is never smooth,” Luc Coene, the governor of Belgium’s central bank and a member of the European Central Bank’s governing council, told the Financial Times on May 13. “I guess an amicable divorce -- if that was ever needed -- would be possible but I would still regret it.”