1. There’s no agreed insolvency procedure for states. What do we do if lawlessness and social unrest erupt in Greece?
2. We’ve no well-ordered procedure for an exit from the euro; on principle, for political reasons, this was never foreseen. How would the Eurogroup handle an insolvent Greece? Can it be forced to quit? And what happens to the euro afterwards? Will the Eurozone be reduced practically to a currency union that one can join or leave? Which country would be next on the speculators’ radar? Would that come about without impacting on the EU single market?
3. There’s no orderly mechanism for an exit from the EU – that was also never envisaged for political reasons primarily. What would the EU do about an insolvent, perhaps normless Greece?