BBC News
May 14, 2012
I am mildly bemused that central bank governors seem to be talking with some equanimity about Greece leaving the euro: the Belgian central bank governor describes an "amicable divorce" as "possible"; his Irish counterpart says a Greek exit is "not necessarily fatal" though plainly not attractive.
The point, as I am sure you know by now, is that the eurozone crisis is a sovereign debt crisis and an inextricably connected banking crisis (and to get my plug in early, if you want to know more about this, you could watch "The Great Euro Crash, with Robert Peston" this coming Thursday on BBC2 at 9pm).
And for Europe's banking system, once the Rubicon has been crossed of a country leaving the euro, once it is demonstrated that there is an exit, all sorts of horrible things follow.
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