The EU treaties and individual contracts contain no provisions for a country to exit the Euro, so the implications for private contracts are likely to be determined by a mixture of fundamental legal principles and commercial realities
As the possibility of a country leaving the Euro increases, more attention is being paid to the consequences of, and questions posed by, a Eurozone country withdrawal. Beside the macro-economic consequences of withdrawal and the logistical and psychological challenges of creating a new currency, what would be the effect on private contracts denominated in Euros (or another currency, such as the dollar) that have been entered into by one counterparty in the withdrawing country and a counterparty outside that country?
