July 5th, 2015, 10:38 pm
QuoteOriginally posted by: trackstarTwo things I am thinking about:1) The very quick decision on the part of the Greek court (Council of State - highest admin court) that the referendum was legal, when many knowledgable people have stated that referenda on fiscal matters are not. There was barely time for any deliberation, among other problems here, including the framing of the actual ballot language.Could this be appealed and the results of the vote called into question? It has made its mark, obviously, but might have been unconstitutional.2) There may not be a clear way for any country, or even a group of countries, to expel another from the EZ and certainly not from the EU. The Treaties may not have made provisions for a quasi-voluntary or involuntary exit.This could be tied up with lawyers on both fronts for a very long time.On 1: just a short article the day of the approval from USA Today for some of the details."Greece's highest administrative court ruled Friday that the nation's critical bailout referendum is constitutional, clearing the way for Sunday's vote. The Council of State rejected an appeal by two citizens asking for Greece's critical referendum on austerity to be ruled unconstitutional. Court president Nikos Sakellariou said Friday "the referendum will proceed normally." The reasoning behind the decision was expected to be issued later in the day."Also, is the Council of State really the final word on this? In the U.S., something like this might start at a lower level, but could wind up at the Supreme Court on certain types of appeals.As an example from here, the Affordable Care Act (Obamacare) was passed by Congress in 2010. It has been the subject of two cases brought before the SC:NIFB V Sebelius, which was heard and ruled on in 2012 (upholding the Act) and King V Burwell, where the court has just ruled in favor of subsidies (June 25, 2015). If the court had ruled against it in the first instance, that would have been the end though - the buck stops there.I am not a lawyer, but when tax and business cases take years to be ruled, its at least weird that the Supreme Court made a decision within days for this referendum. Apart from this, I cant see any way this referendum parody commits the leaders of other member states to change their stance. They are mandated by their own nations. Commits only Tsipras who organized all this, sort of trapping himself.No, there is no foreseen way to expel a country from eurozone, and I ve also heard that even if a country requests to leave eurozone, the other member states need to approve on this. On the other hand, since local banks depend financially from ECB to operate, ECB can create the conditions to beg for leaving eurozone and print new currency.