Does Germany or Greece leave the Euro first?
I’ve heard (non-serious) talk that Germany should leave the Eurozone instead of Greece. The Euro would then fall in value and all would be better, supposedly. That makes some logical sense, but I don’t think it can work that way. Let’s say the new DM-euro currency would suddenly be worth fifteen percent more than the now-depreciated new euro. Everyone would want to claim that their “old euros” should count as DM-euros and it would be very hard to suddenly introduce a border-defined scheme of money stamping. The problem would be Germany’s to solve. Yes they could survive a massive inflow of currency from around the Eurozone (presumably checked by bank holidays elsewhere), but why would they wish to court it? Furthermore they have to count on the other countries to get the bank holidays right, which is likely but hardly certain. Alternatively, let’s say the new Drachma-euro is suddenly worth fifteen or twenty percent less. Logically that’s quite similar to the first case. Now Greek curre
