Spain getting dicked over by the euro.

[Sam Spade]

Isn't most of Spain's private debt in dollars or euros?

If so, then the ability to devalue your own currency is rather useless - actually it would make things worse.

The Euro is dead fairly soon, anyway, I suspect.  But I won't be certain until it passes below USD/EUR = 1.18 (very, very important technical marker).

[Sam Spade]

Isn't most of Spain's private debt in dollars or euros?

If so, then the ability to devalue your own currency is rather useless - actually it would make things worse.

The Euro is dead fairly soon, anyway, I suspect.  But I won't be certain until it passes below USD/EUR = 1.18 (very, very important technical marker).

Perhaps you should be aware Spain can devalue its currency just like California can devalue the US Dollar, before commenting on something like this.

I thought that's what I was saying - in that this was merely a theory "if Spain still had its own currency." (and the problems thereby with devaluation)

Sorry for the confusion, if such.

[Sam Spade]

Has leaving a monetary union ever been carried out before, in an electronic banking system?

If there is any hint of a Eurozone state leaving the Euro, there would be so much capital flight the economy would be crippled for decades.

The more likely answer is that "said country" gets kicked out if it blows up (because other countries will probably follow).  Or Germany/France will vleave voluntarily.  The key point - will Germany/France prop all these countries up if one or two blows up (meaning others will follow)?  My bet is that they will try to but eventually realize they'll be taken down if they do.