A question about the Euro (might be a stupid Q)

[tiredemma]

Given the state of Greece, Ireland and possibly Portugal and Spain- if the Euro were to 'collapse' (so to speak)- what would happen? Would those countries have to restablish themselves finacially and go back to their own single currency??

Just curious and a bit ignorant in these type of matters.

Technically, yes, somewhere like Greece would be evicted from the Big Brother House Eurozone and would have to dust off the Drachmas (those poor shopkeepers!) and go it alone. Then they would be like us... setting their own interest rates and other financial policies, their currency sinking or swimming on international markets. However, I think there would have to be no other options at all for that to happen because the effect on the country concerned - and the loss of confidence in the EU more widely - would be disastrous.

so 'yes'- but it would create merry hell?

God, I hope not. Would hate to go back to the Irish pound and currency conversion every time we went on holidays. As it is, each time I go to the UK, I come back with a wallet full of change and no notes!