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Britain Outside Europe? The Greek View, Athens will only have to lose with Brexit

Tzogopoulos, G. (2014) “Britain Outside Europe? The Greek View, Athens will only have to lose with Brexit“, IP Journal, German Council on Foreign Relations, 25 June.

 

A country suffering an unprecedented economic, political, and social crisis and struggling to find its way out of the labyrinth this has created naturally seeks to avoid additional trouble at the European level. A potential Brexit might not only put Grexit back on the political agenda, but will also constitute a setback for Greek-British political and economic cooperation.

There is a bizarre and cynical element which has linked Greece to Britain since the outbreak of the debt crisis in Europe. This is the potential exit of both countries from either the eurozone or the European Union. Analysts and journalists have extensively used the terms Grexit and Brexit in discussing the scenarios. Grexit dominated the media agenda from 2010 to 2012 while Brexit has been on the agenda from the beginning of 2013 onwards.

The causes that might lead Greece and Britain to abandon either the eurozone or the European Union are substantially different. The former might be pushed by some EU members to leave while the latter is able to decide its fate alone. Moreover, Athens is obliged to meet the required fiscal targets and implement the necessary reforms in order to remain part of the common currency family [DE], whereas London is attempting to negotiate a new, UK-only deal with Europe.

 

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