Of course, they may declare the Bank of Greece insolvent...

Your treaty-fu is better than mine, but I don't remember seeing any clause that prevents an insolvent central bank from continuing to operate, nor makes it legal to eject it from the clearing system.

Or, for that matter, any process by which a central bank can be declared insolvent against its will.

In any case, cutting of a country from the international payments system is about as hostile as a physical blockade or a siege. It's the kind of thing the US attempts to do on Iran, who could have predicted that the Eurozone would do it on an EU member state?

European Tribune, get your news thirty months early.

- Jake

Friends come and go. Enemies accumulate.