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“And, as you would expect, as supervisors we are very keen to see that the banks plan for any disorderly consequences of the euro-area crisis.  Good risk management means planning for unlikely but severe scenarios, and this means that we must not ignore the prospect of the disorderly departure of some countries from the eurozone.  I offer no view on whether it will happen, but it must be within the realm of contingency planning.”
(Andrew Bailey, Executive Director, Prudential Regulation Authority (PRA) - Deputy CEO designate, 24 November 2011)
 
As the eurozone sovereign debt crisis continues to dominate the European economic landscape there is now much commentary being made on the implications of a eurozone Member State departing from the eurozone.  In this context, members may find it helpful to see:
 

• Clifford Chance’s “Eurozone Crisis - legal issues” website page, which provides links to a series of relevant publications.
• Allen & Overy’s “The eurozone in 2012” website page, which provides links to a series of relevant publications.
• Slaughter & May’s list of “Sovereign Debt and Eurozone” practice area publications, which includes links to a number of relevant documents.
• Herbert Smith Freehills' "Eurozone crisis: economic challenges and potential legal risks" website page which provides links to a series of relevant publications.
• Morrison & Foerster’s news bulletin “The Euro Odyssey: An Epic Journey or a Greek Tragedy in the Making?” (June 2012).
• Ashurst’s briefing note “Repo, Securities Lending and Eurozone Contingency Planning” (February 2012).
• Ashurst’s briefing note “Exiting the Euro – the legal consequences” (January 2012).
• Ashurst’s briefing note “International contracts and the Eurozone crisis” (January 2012).
• Morrison & Foerster’s news bulletin “A Euro Break-up: Impact on Financial Documentation” (January 2012).
• Linklaters’ Eurozone bulletin “Do I need a contingency plan?” (December 2011).
• Ashurst’s briefing note “Repo and the Eurozone Crisis” (December 2011).

 

The ECB’s Legal Working Paper Series includes a paper by Phoebus Athanassiou entitled “Withdrawal and expulsion from the EU and EMU - some reflections” (December 2009).