Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-06-Speech-1-192-000"
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"en.20110606.20.1-192-000"2
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"Madam President, immediately after the meeting in Luxembourg on 6 May, which was reported in an article in
Greece was on the receiving end of a new wave of recommendations that it should leave the euro area and go back to the drachma. Of course, the official position of the European Union was expressed by Commissioner Olli Rehn, who denied the rumours and the recommendations.
Over and above the views of economists to the contrary and the numerous views of fellow Members in this Chamber, it must be made clear that Greece cannot leave the euro for legal reasons. Firstly, because the Treaties make no provision for voluntary or involuntary exit from the common currency. Secondly, if we returned to the drachma without abolishing the euro area and the euro, there would be no legal facility for automatically converting deposits in euros in Greek banks, both inside and outside Greece, to drachmas without the depositor’s consent. When Greece joined the euro area, it was possible to convert deposits in drachmas because the drachma was abolished as a currency and has not existed since. Now, however, the euro continues to exist and has not been abolished. Therefore, any rumours and any recommendations are legally incorrect."@en1
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