BBC - SAVING EURO

Source: bbc.co.uk/news/business

"• Roger Bootle and team, Capital Economics - a country leaving the euro redenominates its government and consumer debt into its own currency, which then falls sharply, and the country then defaults on a large part of its debt to bring its debt levels down to 60% of its economic output
• Cathy Dobbs, private investor - the euro disappears, with all holders of euros having their euro claims replaced by claims in the new currencies
• Jens Nordvig and Nick Firoozye, Nomura Securities - debt contracts falling under national or local law should be redenominated into a new currency, while debt contracts falling under foreign law should be redenominated into a second European Currency Unit (ECU)
• Neil Record, Record Currency Management - if any country leaves the euro, the entire single currency must be dissolved, with plans kept secret for as long as possible to prevent markets from attacking structural weaknesses in other countries
• Jonathan Tepper, Variant Perception - countries should exit by surprise over a weekend, declare an extra bank holiday or two around the date of the exit and stamp the existing currency until new notes are circulated; he argues that currency exits and devaluations rarely lead to "Armageddon"
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