What happens if the euro collapses? A euro area breakup, even a partial one involving the exit of one or more fiscally and competitively weak countries, would be chaotic. A full or comprehensive break-up, with the euro area splintering into a Greater Deutschmark zone and about 10 national currencies would create pandemonium. It would not be a planned, orderly, gradual unwinding of existing political, economic and legal commitments. Exit, partial or full, would likely be precipitated by disorderly sovereign defaults in the fiscally and competitively weak member states, whose currencies would weaken dramatically and whose banks would fail. If Spain and Italy were to exit, there would be a collapse of systemically important financial institutions throughout the European Union and North America and years of global depression.
如果歐元區解體，將會怎樣？假使歐元區解體，即便只是部分解體——一個或多個財政實力和競爭力較弱的國家退出，其后果也將是一團糟。歐元區全面或是徹底解體，分裂成“大德國馬克區”和大約10種不同國家的貨幣，這將引發一場大混亂。現有的政治、經濟及法律承諾不會按照計劃有序而漸進地得到解除。財政實力和競爭力疲弱的歐元區成員國，其無序的主權違約也許會成為引發“退出”（不管是全體退出還是部分退出）的導火索。這些國家的貨幣將大幅貶值，銀行也將紛紛倒閉。如果西班牙和意大利也退出歐元區，歐盟(EU)和北美范圍內具有系統重要性的金融機構將相繼倒閉，隨之而來的還有持續數年的全球性衰退。