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  • Telegraph: Greece to “block Grexit” via the European Courts

    The Greek government is prepared to appeal to the European Courts against the European institutions, in an effort to “block” a…

    The Greek government is prepared to appeal to the European Courts against the European institutions, in an effort to “block” a potential ‘Grexit’, claims a report in British newspaper Telegraph.

    According to the report, which cites the Minister of Finances Yanis Varoufakis, the Greek government will make use of all its legal rights, explaining that “we are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable”.

    The Telegraph report notes that the decision to appeal to the European Courts was taken in response to the European Central Bank’s move to suspend the provision of liquidity to Greek banks. This effectively pulled the plug on the Greek banking system, which the Greek government argues is a “prima facie breach of the ECB’s legal duty to maintain financial stability«.

    Should Greece carry out with appeal to the European Courts, this will further complicate the crisis, as the referendum approaches and Greece is warned by its European partners that a possible ‘no’ will essentially result in being forced out of the single currency zone.

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