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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8 UAE companies helping families reduce their carbon footprint
Greenheart Organic Farms
This Dubai company was one of the country’s first organic farms, set up in 2012, and it now delivers a wide array of fruits and vegetables grown regionally or in the UAE, as well as other grocery items, to both Dubai and Abu Dhabi doorsteps.
www.greenheartuae.com
Modibodi
Founded in Australia, Modibodi is now in the UAE with waste-free, reusable underwear that eliminates the litter created by a woman’s monthly cycle, which adds up to approximately 136kgs of sanitary waste over a lifetime.
www.modibodi.ae
The Good Karma Co
From brushes made of plant fibres to eco-friendly storage solutions, this company has planet-friendly alternatives to almost everything we need, including tin foil and toothbrushes.
www.instagram.com/thegoodkarmaco
Re:told
One Dubai boutique, Re:told, is taking second-hand garments and selling them on at a fraction of the price, helping to cut back on the hundreds of thousands of tonnes of clothes thrown into landfills each year.
www.shopretold.com
Lush
Lush provides products such as shampoo and conditioner as package-free bars with reusable tins to store.
www.mena.lush.com
Bubble Bro
Offering filtered, still and sparkling water on tap, Bubble Bro is attempting to ensure we don’t produce plastic or glass waste. Founded in 2017 by Adel Abu-Aysha, the company is on track to exceeding its target of saving one million bottles by the end of the year.
www.bubble-bro.com
Coethical
This company offers refillable, eco-friendly home cleaning and hygiene products that are all biodegradable, free of chemicals and certifiably not tested on animals.
www.instagram.com/coethical
Eggs & Soldiers
This bricks-and-mortar shop and e-store, founded by a Dubai mum-of-four, is the place to go for all manner of family products – from reusable cloth diapers to organic skincare and sustainable toys.
www.eggsnsoldiers.com
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures: Monday, first 50-over match; Wednesday, second 50-over match; Thursday, third 50-over match
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Company%20Profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
South and West: From a Notebook
Joan Didion
Fourth Estate
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Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
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1 . Filippo Ganna (Ineos) - 0:13:56
2. Stefan Bissegger (Education-Nippo) - 0:00:14
3. Mikkel Bjerg (UAE Team Emirates) - 0:00:21
4. Tadej Pogacar (UAE Team Emirates) - 0:00:24
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GENERAL CLASSIFICATION
1. Tadej Pogacar (UAE Team Emirates) - 4:00:05
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
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Take Me Apart
Kelela
(Warp)
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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UAE currency: the story behind the money in your pockets
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