``It has been my gut feeling for some time that the EMU debt crisis -- or rather the intra-EMU currency misalignment crisis since debt as such is not the root problem (except for Greece) -- has already led to de facto divorce. Britain is no longer part of the Project. This is proving less traumatic than supposed. It is quite possible to imagine various forms of semi-detached, or mostly-detached status where we carry on trading much as before.''

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