Collateral damage. We have about €150Bn of their dodgy loans & bank debt. I think the largest foreign holder. They are also one of our largest export destinations.
If there wasn't a Euro, currencies in, for example, Ireland, would have devalued a lot. Their problems are exacerbated by being stuck in a relatively high valued currency and this reinforces the argument that it might be better to have different currencies.
Or like in the UK fiscal transfers from the productive areas to the non productive ones... like Scotland, Wales and Northern Ireland.. and Northern England.
