cancel2 2022
Canceled
Incorrect. Spain had actual budget surpluses in 2005, 2006 and 2007 after running modest deficits from 2000-2004. Not fairy tales. Actual budget surpluses.
I'm not an advocate of dissolving the Euro, so I don't see your point here, SF. If the Euro dissolves, the countries that cannot borrow will have to inflate. Like I said, not rocket surgery.
Surely what will happen will be that they reinstate their former currencies which results in an effective currency devaluation. A concrete example is Greece which has been losing out big time to Turkey in recent years as a tourist destination.