A road-map for EMU break-up

The chances of a country deciding to leave the euro are, even after the buffeting of the last few weeks, remote. But they can no longer be assumed to be zero — and yet the process by which it could happen has received a fraction of the attention given to market instability. Gabriel Stein at Lombard Street Research recently published a 20 page analysis of potential EMU exits and EuroWeek is pleased to present an abridged version here.