Thomas Molloy: We must be prepared for departure from the euro
Published 11/11/2011 | 05:00
IT is no longer impossible that we will wake up some frosty morning to be told by a tired and hoarse Enda Kenny that the other eurozone leaders have decided to scrap the euro or eject insolvent countries -- such as Ireland and Italy -- in a last-ditch effort to save the euro.
A few weeks ago, such a scenario seemed far fetched but the Franco-German threat to force Greece to leave the euro has opened a can of worms that will never be closed again -- by making it clear that the euro's largest members now believe membership is optional and reversible. French President Nicolas Sarkozy went a step further this week when he speculated openly about a two-tier eurozone, with some countries effectively pooling financial decision-making.
His comments were followed by a chilling report from Reuters on high-level talks to throw some countries out of the eurozone.