Financial Times
May 15, 2012
Like ships that cross paths in a storm, Greece speeds from the heart of Europe to its furthest shore while a handful of Balkan states steer in the opposite direction.
Greece’s departure from the eurozone is not yet a certainty, but across the European Union, businesses, bank regulators and bureaucrats are preparing for the possibility.
If it occurred in the next six to 18 months, it would coincide with the EU’s admission of Croatia as its 28th member-state and the bloc’s gradual embrace of Serbia and Montenegro.
Moreover, the political and economic upheaval of a Greek exit might stimulate the wider geopolitical realignment that is unfolding in the eastern Mediterranean. This involves Greece, Turkey, Cyprus, Israel and Russia.
For the EU, these consequences may be just as unsettling as the destabilising influence on western Europe of the eurozone’s sovereign debt and bank crisis.
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