Does a Greek exit from the Euro mean an exit from the EU?


Today the Bank of Greece published its Report on Monetary Policy (see here for summary in English) where Stournaras dropped the following bombshell:

Failure to reach an agreement would, on the contrary, mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country’s exit from the euro area and – most likely – from the European Union.

This was swiftly followed by a series of similar pronouncements by a number of commentators including Martin Schulz, the president of the European Parliament, who said (see here):

I think that leaving the euro is also leaving the European Union.

A number of people on social media are asking the same question. Does a Euro Grexit mean also EU Grexit? Is this discussion a firework aimed to scare Greeks into submission or is it true?

Hang on to your hats… It is true. The legal framework for EMU does not allow for exit. Therefore one of the ways (perhaps the first option) for leaving the Eurozone is to leave the EU. I have written extensively about this in my book. I am offering below a summary of what the exit options will be for Greece.

It seems that Greece’s position in the EU is no longer guaranteed (despite what Wolfgang Schäuble had declared a few months ago). Everyone modelling Grexit scenarios has discovered that legally a withdrawal from the EU may be necessary to effect a withdrawal from the Eurozone. One interpretation of the Lisbon withdrawal rights is that withdrawal from EMU without a parallel withdrawal from the EU would be legally inconceivable. Unlike EU participation, EMU participation is a legal obligation for all Member States. While a Member State may be free to denounce its EU participation and repudiate its treaty obligations in their entirety, it would not be free to go back on its decision to join EMU without breaching a binding obligation, under the EC Treaty, unless it were also to withdraw from the EU.

Consequently, the only way to withdraw from EMU is to withdraw from the EU, using article 50 of the Treaty and then try to rejoin the EU, but asking for special dispensation with regards to the monetary union. Do you think that Mr Tsipras, after having failed to negotiate a deal on financing, will manage to negotiate an exit/re-entry deal with ALL other member states?

You could argue that if agreement can be reached on ‘Grexit’ with everyone while maintaining Greece’s place in the EU, Tsipras could negotiate an amendment to the EU Treaty with other member countries, to create a right of exit from EMU. This would require long negotiations and ratification by all member states. Does anyone see this happening in the current conditions. If Mr Cameron is finding his limited ‘renegotiation’ to be a bit of a pickle, how would Mr Tsipras manage to pull a comprehensive change that alters fundamentally the nature of the Euro as a permanent structure? A genuinely unilateral right of withdrawal would be unthinkable in the context of EMU, not least on account of its open conflict with the plain language of Articles 4(2), 118 and 123(4) EC and Protocol 24 on the Transition to the Third Stage of Monetary Union and, in particular, with the references therein to the ‘irreversibility’ of the substitution by the euro of the currencies of the participating Member States and to the ‘irreversibility’ of the monetary union process.

It has been suggested that, because of urgency, a unanimous agreement by the European Council leading to the issue of a European regulation, could be sufficient to allow for Grexit, despite the legal uncertainty that this could entail. Again this necessitates wider agreement that all things considered will be more difficult to achieve than agreeing the conclusion of the bailout negotiations currently in progress.

You may now be wondering: If Grexit is so difficult, why can’t the Greeks just stay? The Europeans could not kick them out could they? There is no Treaty provision at present for a Member State to be expelled from the EU or EMU. The closest that Community law comes to recognising a right of expulsion is Article 7(2) and (3) TEU, allowing the Council to temporarily suspend some of a Member State’s rights (including its voting rights in the Council) for a ‘serious and persistent breach by a Member State of the principles mentioned in Article 6(1)’ of the EU Treaty. If a right to expel Member States from the EU or EMU does not exist, could such a right be asserted or should it be introduced? Article 48 TEU. Given that a Member State’s expulsion would, by definition, be contrary to the presumed wish of that Member State to continue its membership of the EU, a right of expulsion would be inconceivable, since it would have to entail an unauthorised Treaty amendment, in breach of Article 48 TEU.

Even if Greece cannot be kicked out, staying (unwanted) will not be an option. A lot of people (my students included) have been asking me why can’t Greece default on the debt and stay in the Euro. The answer is that while technically exit cannot be forced (as explained above), an exit will become necessary to prevent collapse of the banking system. If the ECB no longer supports the banking system via ELA, then Greece can either try to continue ELA in violation of the rules, forcibly drawing liquidity from Target2, or give up and print its own currency (see this infographic). No economy can operate without a banking system.

The conclusion is that:

Grexit from the Euro can very plausibly mean Grexit from the EU

Anyone up for that?

euros in greece



21 thoughts on “Does a Greek exit from the Euro mean an exit from the EU?

  1. Some of the conditions for Membership of the Union include :-

    Stability of institutions guaranteeing the rule of law, human rights, and the respect of minorities.
    The existence of a functioning market economy.
    A capacity to cope with the competitive pressures and market forces within the Union.
    The ability to take on the obligations of membership, including adhering to the aims of political, economic, and monetary union.
    (The Enlarged European Union. Ian Barnes & Pamela M. Barnes. Longman, London & New York.)

    If Greece can’t or won’t honour its obligations regarding its debts it will be in breach of its partnership commitments and unable to cope with competitive pressures. As the Treaty forbids direct assistance would not other Member States have to sever relations in the interests of Greece’s EU creditors and treat it as no longer a Member until they are paid?


  2. Thank you for the informative blog post.

    The government defaulting does not mean the banking system will collapse. Different entities entirely. The government could choose to default only on the 240 bn debt to EU public institutions and countries if it wanted to. That would leave any government debt held as assets by Greek banks intact. So Greek banks will remain solvent.

    So, I strongly doubt that the following is correct.

    “A lot of people (my students included) have been asking me why can’t Greece default on the debt and stay in the Euro. The answer is that while technically exit cannot be forced (as explained above), an exit will become necessary to prevent collapse of the banking system. ”

    Then further:

    “If the ECB no longer supports the banking system via ELA, then Greece can either try to continue ELA in violation of the rules, forcibly drawing liquidity from Target2, or give up and print its own currency (see this infographic). No economy can operate without a banking system.”

    You might not need ELA/Target2.

    If you wanted to put the Greek government under pressure to settle negotiations, you could start a banking panic. This looks like being the case at the moment. The Greek government would in the end be forced to impose capital controls, which would limit the transfers outside the country and limit cash withdrawals. That would restrict the Greeks bank need for ELA. That would probably be it, as far as the Greek economy is concerned. It would have made the Greek government look weak, but not wrecked the banks.

    Cyprus just had two (or more) years of capital controls, during which its banking system did not collapse. It stayed in the Euro, after its banks had been rescued, of course.

    Now, everything else would still be the same. So there would not be a need to increase outstanding ELA facilities, as only limited transfers could be made abroad.Nobody wants to or is allowed to borrow money in a situation like this, so no increase in the money supply. As the crisis subsides, bank deposits would recover, as people will trust their banks again, and bring back money from abroad and from under their mattresses.

    Also, the tourist season starts in Greece, and there will be a massive current account surplus in the following months as tourists spend their money in Greece. This should reverse ELA balances, as money from foreign bank accounts comes to Greece to pay for their holidays.

    Why Greece should declare a moratorium on its 240 bn public debt, and turn the tables on its creditors:


  3. Belinda Robertson says:

    Friday, 19 June 2015
    1:19:46 PM
    Hi everyone,

    I am not a scholar or expert by any means, but here are my observations looking at this from “outside the box”.

    The very fact that it is so hard to exit or even evict a nation suggest to me that this was (and is) the greatest fear of the original founders of the EU. Have you stopped to ask yourself why it was done this way?

    These people do not do anything by chance. Indeed it takes long and serious consideration, designed with one thing in mind: To protect their financial interests, even from their own people trying to make changes in the future, for example to evict a nation(!) This is the only thing that could make their original plan fail.

    *NOTE: Their original plan being to hold all EU members beholden to the plan with no exit option for perpetuity, thus ensuring their continued gain from interest on their loans, with absolutely no regard as to how a nation manages to keep their commitments, in order to stay in.

    Who were the beneficiaries from the last “rescue package” when Greece got 10 cents in the dollar and the rest went to pay the interest of the loan providers (loan sharks perhaps?). So please ask yourselves: “Who did they rescue? The achievement of the previous “rescue package” is that the lenders have protected their investment (the interest has been paid) but Greece’s position, is now much worse because the amount of the “rescue package” has been added to their debt.

    Do you really think that Greece should do this one more time??? Borrow money and double it’s debt for the benefit of paying the interest? Please do not make the mistake of getting lost in the labyrinth of legal arguments – they were designed precisely for the purpose of confusing you, so that you cannot see “the wood for the trees”. Once we strip away the fears, the options and required actions are actually quite simple.

    I was born in Greece and I have Greek blood running through my veins. I feel the pain of the despair that my country has been plunged into by the mismanagement and unconscionable decisions and actions of the previous governments (plural).

    In one respect I find it fitting that Greece is the country that will bear the burden of highlighting the injustice and lopsidedness of the EU agreements.

    Greece is credited with giving the “lights of civilization” to the world and had it not been for the blackness that the Ottoman Empire plunged us into for 400 years, we would be leading the world today.

    It is time to, once more, lead the way to the freedom that we have always defended, irrespective of what field it applies to.

    Make no mistake, this is a very poignant moment in our history. It could be the catalyst for the greatest change the world has ever seen. The issue has certainly put the eyes of the world upon us and we must be conscious of that at all times. By making the right decisions now, Greece could regain the respect that has been lost – and the respect that it deserves.

    We need conscientious, inspired and inspiring leaders who put integrity first.

    I don’t know whether the current leaders can measure up to expectations but I will endeavor to find out on my next visit to Greece, shortly, because it is paramount that they are aware of what is expected of them.

    I welcome your thoughts.


  4. Leli says:

    Ms. Robertson,

    It was clear from your first sentensens that you are indeed a Greek and have Greek blood and Greek brain (aka megalomania).

    What Greece needs is a real shock therapy to become able to lead itself properly and responsibly and make the rest of EU and perhaps the world too, a favor by exiting.


    • Belinda Robertson says:

      Hello Leli,
      Thank you for clarifying what a “Greek brain” is because otherwise I wouldn’t have had a clue.
      So, you think that Greeks are megalomaniacs? That’s interesting, But I fail to see what that has to do with the subject!
      In any case I would have thought my comments sounded perhaps a little overly patriotic, but “megalomania?” How do you figure that?
      Now, my “Greek brain” (in spite it’s “megalomania”) is begging you to answer a question, so I would be grateful if you could tell me what you mean when you say “What Greece needs is a real shock therapy”. Are you referring to the population of Greece, who are the hardest working people in the EU, and are completely innocent of the crimes committed by former governments, who lied and committed them to impossible loans that could NEVER be serviced, so they could line their own pockets?
      Surely these people cannot be condemned for anything at all; and yet they are the ones who have suffered unfairly, don’t you think?
      And what about the responsibility of the EU when they were extending the loans. Should they not be held accountable?
      The last time Greece got a “bail out”, 10 cents in the dollar went to Greece and 90 cents in the dollar went to pay the interest. – I bet you didn’t know that!
      And the EU wants Greece to accept another “bail out” on their terms! Well, even if the Greeks are “megalomaniacs” – which they are not, I can tell you this: “They certainly are NOT insane”. They would be insane, if they kept doing the same thing and expecting a different result – which is the definition of insanity.
      So, someone here needs “shock therapy”, as you put it, but it certainly is not the Greeks!
      Also, you say that “Greece needs to become able to lead itself properly and responsibly and make the rest of EU and perhaps the world too, a favor by exiting”.
      Well, that of course is a completely senseless statement. A country does not “lead itself” whether responsibly or any other way. A country has leaders that make decisions.
      Now, Greece in the past had leaders that were irresponsible, corrupt and stupid (or self-serving) – therefore they made catastrophic decisions, that brought us to the current state.
      However, Greece now has a brilliant new leader who is different to the previous leaders because he has integrity and tells the truth and for the first time Greece has a chance to be saved from catastrophe.
      I strongly believe Greece’s new Prime Minister, Alexis Tsipras is the only one with the intelligence and the integrity required to negotiate a win-win agreement.
      He has the interest of the Greek people t heart but he is also aware of the position of the EU.
      Regarding your statement that Greece would “make the EU …….. a favor by exiting”, I don’t think you are qualified to make this statement and perhaps you should ask the EU if they want Greece to exit, and I think you might find that they do not.
      Personally, I would love Greece to exit because they would be a much happier and richer country if they did – and their tourism would return to it’s former heights because the Euro has made Greece expensive to tourism.
      One last word on Greece’s debt and this will inform you of one more thing that perhaps you are unaware of. IN 953, when Germany was deeply in debt, following the end of World War II, they had a conference and 28 countries, including Germany, agreed to write off 60% of the German debt and they added a clause that Germany would pay off the remaining interest if the German economy was growing again.
      It is this same model that the Greek Prime Minister wants to implement (although Greece is only asking for a 30% reduction) and this is a sustainable solution, not only for Greece but also for all of Southern Europe.
      The solution with the terms that the EU was asking for is nothing less than a criminal offence against the Greek people and indeed the actions taken by them in the past that resulted in profiteering from the suffering that they have imposed on the Greek people are deplorable and should be the subject of an international court case.
      In closing my dear Leli, I would like to say to you that I strongly recommend that you take the time to inform yourself of the facts before you offer your “words of wisdom” to the world, otherwise you risk humiliation.
      Personally, I would advise you to stay away from the subject of politics because it requites thinking and this could cause pain to your poor little brain – but you will probably think that I am a “megalomaniac”.
      Take heart, my personal opinion should not matter to you and your personal opinion does not matter to me.
      Have a great day.


      • Belinda Robertson says:

        Please accept my apologies for Paragraph 13 above which reads: “One last word on Greece’s debt ……………..IN 953, when Germany was deeply in debt…………”
        This should read “In 1953, when Germany………………………..”


  5. Geseytwenssen says:

    Termination or suspension as a consequence of a material breach is the subject of article 60 of the Vienna Convention of 1969. This is the Convention on treaty law.

    In absence of a provision in the Lisbon Treaty and the Maastricht treaty on the subject of termination or suspension as a consequence of a material breach, the Vienna Convention applies. That is standing treaty law.


  6. Belinda Robertson says:

    Dear Geseytwenssen,
    I understand that laws should be upheld and that they were designed for a purpose. But what about the Universal Laws of selfish and arrogant profiteering on the back of the suffering of innocent people?
    Do you think that if this case was brought to an international court, the financiers would not be guilty of (at the very least) unreasonable or foreseeable and unforgivable negligence causing serious actual harm?
    The Greek people have been deprived of their human rights albeit on the actions of corrupt and self-serving politicians (Please see my answer to “Leli” above).
    If I could ask you for a favor, would you take your “Legal” hat off and put your “Compassionate human” hat on and tell me what your heart is telling you about this issue?
    Many thanks.


    • Geseytwenssen says:

      Well, you do bring up a lot of arguments, where to start?

      Argentina tried to circumvent its debt obligations from before their bankruptcy by repaying only their new creditors from after the default. The New York courts stopped that, every creditor old an new is entitled to repayment. So do courts uphold legal obligations? Yes.

      One could argue that the profiteering was an act of Greece and its people, living on money borrowed from banks first and the EZ countries later. So negligence yes, but by the Greeks. Further helping out Greece the last 5 years and saving the German and French banks is not profiteering.

      The compassionate way is to teach the Greeks about good old fashioned Protestant frugality, i.e. spending less than you earn. It works for N. Europe, it works for Italy, Spain, Portugal and Ireland who for the first time are looking at a prosperous future. Greece will now follow and thanks to our medicine be relieved from corruption, communism, early retirement scams, tax evasion and all the other ills of your nation.

      That is an act of compassion from us, as is providing you the funds to finance your entry into the modern world.

      I don’t see where we profiteered, nobody made any money on Greece, to the contrary. We are doing you favors, you might be thankful for that.


      • Belinda Robertson says:

        Oh dear, oh dear, oh dear,

        I have heard the expression about people wearing “rose colored glasses” when they see things favorably but I don’t know what kind of glasses you are wearing when you see things “lopsidedly”.

        Firstly let’s agree on one thing – that is, you cannot put the Greek public in the same basket as the Greek politicians. I think you might agree that they do not have the same interests or the same aspirations. So, you need to make a distinction and when you are referring to the Greek people, say the Greek people or the Greek public. Also, when you are referring to the Greek politicians or Greek governments, you need to say that – because when you say “the Greeks” I don’t know which of the above you are referring to; and please don’t make the mistake of thinking that you can blame the Greek people for the mistakes made by the Greek politicians.

        In answer to your Paragraph 3 about “good old fashioned Protestant frugality”, I am afraid there is nothing about frugality that you can teach the Greek people – they have gone way beyond frugality as a result of the austerity measures put on them by the Greek politicians, when the politicians made the deals with the money lenders so they could line their own pockets – and I maintain the lenders knew exactly what was going on (unless they are completely stupid) at the time.

        Greek people have been driven to living on the poverty line, many of them committing suicide, since way before the last “bail out”.

        You will agree that no one can spend more than they earn when they are on the poverty line?
        Please see the article on this link:
        This kind of suffering has been going on for a very long time and it wasn’t caused by the Greek people.
        It was caused by the Greek politicians who lied to the Greek people, and perhaps the lenders as well, so that they could get the loans and steal the money.

        The former politicians are the ones who should suffer. They should be brought before Justice and jailed for life, at the very least, because their actions ARE criminal. The compassionate way would be to bring these people to justice and make them pay the money they stole or squandered on their largess. But they are not suffering. It’s the Greek people who are suffering and I ask “Where is the justice in that?”. Do you really think they deserve to suffer more?

        Your statement: “That is an act of compassion from us, as is providing you the funds to finance your entry into the modern world” is really laughable! – Are you trying to be funny or is this some kind of propaganda they are spreading in your country to justify their attitude?

        Equally laughable is the statement: “I don’t see where we profiteered, nobody made any money on Greece, to the contrary. We are doing you favors, you might be thankful for that”. Of course you profiteered – for as long as you collected the interest on the loans, you made a profit. And you made it on the suffering of the Greek people. And you knew that when you signed up the Greek people to loans that they could not service. And the Greek politicians knew that as well and they also profiteered.

        The Greek people did not need your loans to survive. They can manage to feed themselves very well thank you – that is, when they don’t have to pay the exorbitant interests of profiteers!

        Also when you are saving the German and French banks, you are not looking after the Greek people but your own interests. So, please, don’t do us any more favors. We cannot survive any more of your favors! And yes, saving the German and French banks is profiteering – by them! Wake up to your self! What did they do to thank you for saving them? Did they thank you? Did they give you voting rights? No? Oh, what a shame! Don’t worry, I am sure they are feeling very grateful when they sip their French Champagne on the French Riviera.

        But I must admit, you had me rolling on the floor with laughter with this statement: “That is an act of compassion from us, as is providing you the funds to finance your entry into the modern world”. Honestly, I had a really good laugh and I am grateful to you for that! More of that please! If you loose your day job, you can always get a job as a comedian.

        We entered the modern world way before you did, along with the rest of Southern Europe and France. Although I will grant you, that you had the major setback of World War II and it took many years of frugality to get over that – otherwise you might have got there first, who knows?

        By the way, while we are on the subject, are you aware that in 1953 when Germany was deeply in debt, 28 countries, including Germany, agreed to write off 60% of the German debt and they added a clause that Germany would pay off the remaining interest if the German economy was growing again?

        What happened to “good old fashioned Protestant frugality” back then? Was this concept not palatable to the Germans? Or perhaps it might not be a viable tactic after all? Hmmmm………..

        Well, they say what’s good for the goose is good for the gander. So, give us our 60% write off now and we will make our own way into the modern world.

        And please, please, PLEASE, no more favors, no more “bail outs”, I beg you.

        On the whole, I have really enjoyed this interaction and I sincerely thank you for your time.


      • Geseytwenssen says:

        I have a nice quote for you:

        ‘History seems to repeat itself these days. The heated debate about Grexit from Europe may have deeper roots than one realizes. Here is what Aeneas Sylvius Piccolomini, humanist and future pope (1405-1464), wrote about the Council of Basel (c.1435) in his Commentaries:

        “At that time the Greeks had promised the Council that they would come to Latin territory to discuss the question of union. Being a poor nation, with a talent for begging, they asked to be reimbursed for their expenses. To that end they demanded some 70,000 gold florins’.

        Not much has changed.


      • Belinda Robertson says:

        Thank you for respecting my wishes!

        And, being true to form, you have made me laugh once again!

        May I give you a quote?

        “You cannot compare apples to oranges” and the subject you quoted has no relation to the subject at hand. But this is what made me laugh:

        You really think that nothing has changed since c.1435? Well that IS astonishing! And YOU believe that you are the ones who can bring us to the modern world!

        At this very moment the Greeks are making it very clear that they do not want the “bail out” so PLEASE could you lobby your government?

        No more “assistance”, no more “bail outs”, please. I am “begging”!

        Thank you.


      • Geseytwenssen says:

        I followed the debate in your Parliamant yesterday night. Syriza was self destructing before the very eyes of Tsipras. The fool YV will be kicked out as MP because he voted no. Great. End of the rule of the commies.
        Good to hear other speakers speaking sensibly, I almost thought there were only idiots in Greece. Turns out that some of the oppostion are actaully decent people.
        The overwhelming majority voted for the money, so it is incorrect what you say.
        The thing that has not changed, in case you missed it, is that Greeks have a talent for begging. Self respect is also in short supply. Anyway, we axpect a hartfelt and warm thank you for helping you.


      • Belinda Robertson says:

        It is with a very heavy heart that I concede defeat.

        Greece (or at least Parliament) has voted for the bail out and austerity measures, because it’s back was to the wall and it had no other option.

        The photograph of our Prime Minister, Alexis Tsipras, says it all in the article on the link below:

        [ Greece, Its Back to the Wall, Adopts Austerity Steps ]

        I note, perhaps the most interesting observation, of the paper which reads:
        “Mr. Tsipras, who unexpectedly took the floor before the vote to make his case that the country could move forward even under the harsh terms of what was being offered, left immediately after the roll call”.

        Perhaps he didn’t want to get emotional in public? (That would be my guess).

        It’s a sad day for Greece but I dare say we’ve had worse and we will overcome this too and Greece will rise again. (Though this does not provide any comfort now, nor do the demonstrations of the Greek people).

        The worst thing that could happen is that we could loose the best Prime Minister Greece has ever had. If that doesn’t happen, we have a chance!

        Although, the remote possibility still exists that he could say: “I am going to listen to the voice of the Greek people and no one else” (that would have been my choice), I suppose no one can tell how feasible that is in reality. This is by far one of Greece’s most difficult and tragic moments.

        As for those who want to gloat, well be my guests but please keep in mind that there is such a thing as “karma” and the Universe has a way of evening things out – “what goes around comes around”?

        I didn’t watch Greek Parliament and I don’t know who “begged” and what for, but having said that, there is nothing wrong with “begging” for people to be considerate and sensible. – I would have got on my knees and begged for the politicians to exercise integrity and do the right thing by the Greek people, if that was necessary.

        And keep in mind that the choices that people make when backed into a corner are not necessarily the choices they want.

        This isn’t over by a long shot! And this is hardly a win-win solution.

        I am sorry to hear that you “almost thought that there were mostly idiots in Greece”. It is “the decent people of the opposition” as you call them, that got us into this mess – time after time after time. But don’t speak too soon. Time might prove that the idiots are the only ones with a brain, yet!

        And try not to be too disappointed if we don’t thank you but curse you instead. No body thanks anyone for arrogantly giving them help, when they have begged them not to. Indeed, Greece now has been dug into a deeper hole and once more the money has won over integrity and the interest of the Greek people. The EU is intact and the interests of the financiers has been looked after. But this is the “60 Million Dollar Question”: “For how long…….???”

        I have no animosity, just sadness at the fact that, with all it’s progress, humanity still has such a long way to go towards managing it’s affairs with intelligence and integrity.

        Good luck in all your endeavors dear friend. You have helped me, even if just by providing an outlet and letting me get it off my chest.

        (I am not laughing anymore…….and I won’t be for some time……..but I live in hope…….always!)


      • Geseytwenssen says:

        No reason to despond. In the next 15 years you will have a sustainable debt service of 10,7% of GDP thanks to our generosity to extend the pay back terms (it is our money). In the meantime you will have the opportunity to build a sane economy, where people and companies pay their taxes, one doen’t get a pension at 50, clientelism and corruption can be abolished and the Marxists like YV are prosecuted because they have stashed away their riches in Swiss bank accounts.
        Furthermore you have a beautiful and strong shipping industry, which should also start paying tax. Finally you get a shot at fixing the tax exemption for the richest organization in your country: the church.
        All in all, you will learn how to run a modern economy and become prosperous, not just the upper 5%. Italy, Spain, Portugal and Ireland went that way on our advice and they have the prospect of a prosperous future now, for the first time.
        And the bonus is you won’t need to beg anymore for more billions from us, begging is humiliating.


  7. Belinda Robertson says:

    Thank you, for the first time I felt you listened with your heart and you understood what was in my heart. And thank you for your words of encouragement. They are much appreciated.

    When people on opposite sides of the fence can understand each others point of view, the chemistry is amazing.

    There is much work ahead. I hope I can do my part in helping the Greeks to undertake to do it cheerfully.

    Perhaps we will communicate from time to time.


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