Greek police detain an anti-austerity protester during an operation to remove a small group of European demonstrators from central Syntagma square in Athens.
Greek police detain an anti-austerity protester during an operation to remove a small group of European demonstrators from central Syntagma square in Athens.

Loosening lips on a Greek euro exit



BRUSSELS // A year ago, it was nearly impossible to get a diplomat in Brussels to talk about the possibility of Greece leaving the euro zone. Now, it is the opening to most conversations.

But while it may have become commonplace to discuss a Greek exit, the practicalities are far more complicated than many outside observers acknowledge.

It is not even clear Greece can leave the common currency. The European Union's Lisbon Treaty does not make any such provision - it only considers a country leaving the EU.

Theoretically, a country cannot be forced out of the bloc - it has to decide of its own accord whether it wants to stay.

But with the announcement yesterday that Greece would have to return to the polls later in June after politicians had failed to form a new government, the country could be left with no choice but to leave the euro zone.

Greece remains without a government since its inconclusive election May 6 left parliament split between supporters and opponents of a European bailout package reviled by Greeks for imposing deep wage, pension and spending cuts. Polls show the leftist Syriza party, which rejects the bailout and placed second in last week's vote, is now on course to win.

When asked whether it was legally possible under the EU treaties to force Greece out of the 27-country union, one eurozone diplomat replied: "In theory it's not, but it's a bit like the drummer in the band - if the band doesn't like the drummer, there are ways of getting rid of the drummer."

The diplomat added a caveat and warned that everyone had to think seriously about the ramifications.

"I'm saying it may be doable, but in this case it could mean the band breaks up and never plays again."

The tone from the European Commission, the EU's executive, has shifted too.

On Monday, its spokeswoman Pia Ahrenhilde-Hansen said: "We wish Greece will remain in the euro and we hope Greece will remain in the euro ... but it must respect its commitments.

"Greece has its future in its own hands and it is really up to Greece to see what the response should be," she said.

Ireland's central bank chief and European Central Bank policymaker, Patrick Honohan, said at the weekend that a Greek exit would not be attractive.

"Technically, it can be managed," he told reporters at a conference in Estonia. "It would be a knock to the confidence for the euro area as a whole ... It is not necessarily fatal, but it is not attractive."

Article 50 of the Lisbon Treaty is the relevant piece of legislation should an EU country wish to withdraw.

It says that if such a decision is taken, an agreement would have to be drawn up with the other 26 member states. That would have to be approved by a qualified majority of EU countries and be backed by the European Parliament.

The rules would appear to leave the decision in the hands of the departing country. But when asked if that were the case during a meeting in Brussels last week, Wolfgang Schaeuble, the German finance minister, said it was not necessarily so.

Life could be made uncomfortable for Greece, which could involve shutting off financing, not just from the euro zone's European Financial Stability Facility (EFSF) bailout fund but from the European Central Bank too. Already there are signs of that sort of pressure being applied to Athens.

Last week, the EFSF agreed to disburse the latest tranche of aid to Greece, a €5.2 billion (Dh24.5bn) payment, but retained €1bn of the total, saying it was not immediately necessary.

Diplomats are worried, however, that talk about Greece leaving the euro or the EU is increasing the likelihood of such an eventuality, without taking into account the consequences.

One complaint is that the vast majority of the decisions have been in the hands of finance ministers and euro zone treasury departments who have a tendency to look at the raw numbers and not at the broader social and political implications.

"We're in danger of driving a country over the edge without really stopping to think what it could all mean," said a senior official from a euro zone country.

"I'm not hearing sufficient discussion of what this means for Greece as a society, or for peace and security in Europe."

As well as concern about the potential for severe financial and social breakdown in Greece as a result of leaving or being forced out of the euro zone, the official mentioned the risk of unchecked migration, the threat of a rise in right-wing or violent political movements, or even a military coup.

"Is it controllable? We have to think more broadly. What is really going to happen?" he said.

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Rating: 2.5/5

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Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare

Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC

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UEFA CHAMPIONS LEAGUE FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT) unless stated

Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid

Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona

TO A LAND UNKNOWN

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Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

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Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Where to donate in the UAE

The Emirates Charity Portal

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.

Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.

Dubai Cares

Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.

Emirates Airline Foundation

Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.

Emirates Red Crescent

On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.

Gulf for Good

Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.

Noor Dubai Foundation

Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).

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Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
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Based: Dubai, UAE
 
Sector: Entertainment 
 
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Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

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How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

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Famous left-handers

- Marie Curie

- Jimi Hendrix

- Leonardo Di Vinci

- David Bowie

- Paul McCartney

- Albert Einstein

- Jack the Ripper

- Barack Obama

- Helen Keller

- Joan of Arc