While I agree that France leaving the EMU on its own is not a winning proposition for France I have to wonder, will that act embolden other dissatisfied members of the EMU to leave? Is France banking on starting a chain reaction?
If one major player goes, the exit doors will be jammed straightaway. My guess, oddly, is that Italy would follow France — not Greece or Cyprus or Ireland. The Italians have chafed enormously under the EMU playbook.