Leaving [the European Union] legally does not seem to be a viable option. The Treaties governing the Euro at the moment were designed so as not to have an exit option. Those treaties can be changed, but the protracted process of change leaves the potential secessionist in a zombified limbo – in the Euro, bound by its rules, but with exit looming and investors reacting to that prospect.
The Euro is made up of sovereign states. As such, these states could choose to repudiate the Treaties that they have signed, and unilaterally declare independence from the Euro and the EU. The Southern Confederacy of the United States pursued just such a course, after all (and issued their own money in the process – the Grayback).
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