# Does accepting an EU bailout secure our participation in the Euro?



## galleryman (16 Nov 2010)

QUick question,

The EU need to protect the Eurozone and the single currency therefore they either have to support Ireland or cut us loose from the Euro. They won't sit by and let us fall and destabailise the Euro. 

If we accept EU help in the form of a bailout fund, does that significantly reduce the chances of us leaving the Euro?


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## galleryman (22 Nov 2010)

any thoughts on this?


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## sunrock (22 Nov 2010)

I think you are implying that we could blackmail the ecb by threatening to leave the euro.Leaving the euro would be a disaster...we would still owe the debt.
Ireland is in a very weak negotiating position,despite FF s bluster.
We just have to take the medicine and get on with it.


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## galleryman (23 Nov 2010)

no I'm not suggesting that, I am asking the question, if we accept the bailout does that basically mean that we are likely to remain part of the single currency?


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## newirishman (23 Nov 2010)

galleryman said:


> no I'm not suggesting that, I am asking the question, if we accept the bailout does that basically mean that we are likely to remain part of the single currency?



I am not sure how "accepting the bailout" has anything to do with remaining part of the single currency. 
Just a small reminder that there is currently no legal framework to leave the Eurozone, and it is quite complicated (albeit not impossible) to leave the European Union - given that most of the laws concerning EU (and Eurozone) are part of the constitution, loads of bilateral contracts, etc.

I would not expect any Irish government to try to pursue either of the above.

If we do not accept the "bailout" the only alternative is a default - which would also brings the Irish banks down (probably causing quite some mayhem in the global financial market, again). 
To be honest, I have no idea what that would mean from a legal perspective for our EU and Eurozone membership - but somehow I don't think that want to find out...


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