All I know is that there were rumours… Irish / German central bank printing backup punts / deutschemarks?

  • The Guardian / Alan McQuaid, chief economist at Bloxham stockbrokers in Dublin – What if Ireland pulls out of the euro and prints punts? Rumours abound in Dublin that the Irish central bank is back printing punts just in case the eurozone does break up. And while that may be true, I don’t know, but one would hope that there was some contingency plan in place just in the case the whole euro projected exploded. Then again, given the track record of European policymakers in dealing with the crisis so far, it wouldn’t come as too great a shock if there was no plan B in existence.
  • Daily Mail / Alex Singleton – A Greek default is not enough; European politicians must kill the euro: Does it not occur to any of our great European statesmen that the very existence of the eurozone is the cause of the problem? After all, setting the same monetary policy for 17 different countries will always, in some states, create credit bubbles. This means that the eurozone will be locked into recurring debt crises.… even with eurotaxes, Germany and Greece would take decades to converge. They are utterly different economies.The politicians can pretend that they are solving the problems, but there’s only way to give stability to the eurozone’s economies. They need to abolish the euro.
  • Dr. Pippa Malmgren / Senior Advisor, UBSSeptember 2011 Policy & Markets: News to expect in the coming days and weeks:    Greece defaults
        Germany protects German banks but other countries cannot do the same thus quickly provoking multiple sovereign defaults and or bank failures, all of which may easily lead to a payments crisis in the global banking system. Derivatives are particularly at risk in terms of operation and execution.
        The Euro falls in value especially against the US dollar
        The Germans announce they are re-introducing the Deutschmark. They have already ordered the new currency and asked that the printers hurry up.
        The Euro falls even more on any news that Germany is withdrawing from the Euro.
         Legal wrangling begins as to the legality of Germany’s decision. Resolution takes years.
        Germany insists that the Euro continues to exist even they do not use it any longer. They emphasize that European unification will continue and suggest new legal instruments to strengthen European Unification including new EU Treaties.
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