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If the Euro failed...


Aidie

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There are, once again, worrying scare stories about the euro/Eurozone in danger over the debt situation in Ireland, Portugal, Greece, Spain, etc.

In a worst case scenario, what could or would a collapse of the euro mean for euro bank account savings in France? Euros wouldn't be much use outside France, but what would it mean in terms of use within the country?

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If it did, well of course Euros would be usable in Europe anywhere until it was de-constructed, possibly into a two tier currency, Real Euros for Germany, and then 2nd rate Euros for the rest of  F'nPIGS. As Harold Wilson once said about the Pound, 'The Euro in your pocket will not be affected,'' ( sub text - just the exchange value, imported goods will be expensive etc). On the other hand they could just do what the US are doing and print money to delay the inevitable end of the experiment.
Who knows, Nostradamus values were in crowns, then France got rid of the Royal Family, maybe that's the prophesy for the next currency . . .
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[quote user="Aidie"]There are, once again, worrying scare stories about the euro/Eurozone in danger over the debt situation in Ireland, Portugal, Greece, Spain, etc.

In a worst case scenario, what could or would a collapse of the euro mean for euro bank account savings in France? Euros wouldn't be much use outside France, but what would it mean in terms of use within the country?

[/quote]

Hi,

    I'm not an economist , but it seems to me that if the euro does "fail" it will be a case of the peripheral, effectively bankrupt, countries  ( greece ,ireland , portugal etc) progressively defaulting on their euro debts and returning to either their former , or some new,  invented currency , with a (much reduced) value which reflects the true worth of their economies.  I don't think France would be amongst them, at least in the early stages. The euro would probably lose value against the dollar and maybe the pound, although, getting rid of the dead wood could , at least temporarily , boost it.

   In any case, the euro , or any successor currency (nouveau franc?) in France , would reflect the relative strength of the french economy in relation to other currencies, and would continue as a medium of exchange within France.  Europe, and the euro , or the successor currencies , would , with the possible exception of germany and the mark(?), become much diminished in value and influence worldwide, which would in fact merely reflect an historical process already in progress

 

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