Overview

Given the current and continuing turmoil in the Eurozone, lawyers are regularly asked what effect the collapse of the euro or the unilateral withdrawal from European Monetary Union by a Eurozone country would have on contracts where the denominated currency of payment is euro.

Whilst lawyers are able to identify potential risks in relation to English law contracts based on assumed positions, the Lisbon treaty, which set up EMU, contains no "how do we leave the euro?" provisions for the voluntary departure of any Eurozone country.

However, in this briefing, DLA Piper identify the main likely risks, based on an English law analysis, including:

• What types of agreements do we have to worry about?


• What agreements do we not have to worry about?


• What if the euro ceased to exist as a currency?


• What if one of the parties is from a country exiting the euro?


• What can I do to protect my position?

The resulting advice assists parties to new or proposed euro-denominated agreements to focus on those issues and discusses a commercially acceptable allocation of those identified risks at the time negotiations are taking place.

Click 'View Briefing' to learn more.