Don’t pop the champagne corks just yet. The EU loves a crisis. They use a crisis as an opportunity to grab more power and inch forward a bit more to ever closer union.
The options are there for the EU. They could generate their own resources, bypassing nation states and levying its own direct taxes. One other issue is Eurobonds to keep the Euro going for a few months more. Either way, this is involves more integration and more money up in smoke. They could also increase member state contributions.
Former Chancellor Kohl said the Euro was no more than a political tool to make European integration “irreversible”. That is their mindset. They will not be happy until there is complete European Union. It is also why renegotiation is impossible.
The choice, therefore, is to withdraw and have a simple free trade deal with the EU or to go all in. There is no middle way.