Can Greece legally withdraw from the Euro?

An informal European Council meeting on growth, held on 23 May 2012, discussed the political and economic situation in Greece, concluding that it wanted Greece 'to remain in the euro area while respecting its commitments' and that it was 'fully aware of the significant efforts already made by the Greek citizens'. This note looks at the Treaty base for Economic and Monetary Union (EMU) and some of the informal suggestions as to how Greece might leave the euro and/or the EU.