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While the euro zone teeters on the brink, Britain’s bureaucrats in the Foreign Office are telling their operatives abroad about how to handle potential civil unrest in the event of the collapse of the euro. All of this is based upon events in Greece which has seen incidents of civil disorder increase following the chaos of the bailout and government transition. British officials are also being briefed on how to instruct British nationals on what to do in the event that they are cut off from their bank accounts or that their cash becomes worthless. Italy’s new technocratic government headed by Mario Monti must sell a minimum of 30 billion euro in sovereign bonds in order to refinance its national debt and there is no guarantee this will occur. If Italy is unable to refinance its debt it will default on its loans, plunging the common market into chaos. Talk has increased of potential means of exit from the euro though the founding agreements make no provision for doing so. Any break-up scenario of the common market envisions mass unemployment, national GDP’s cut in half and widespread social unrest.

 

[The Telegraph]