Club Med Pretendy Currency

The Spanish and Portuguese debt is on a par with that of Greece and though Italy has less debt, its structural problems could easily lead to economic collapse. Ireland has been forced into drastic measures which prevented any sort of stimulus to prompt recovery. The only question remaining is will this be the pattern for the rest of indebted Europe and will the contagion spread to the euro? Certainly the temptation in Germany will be to abandon the sinking ship leaving the euro as the currency of the Club Med banana republics. Continental Europe would then have the Deutschmark as a credible international currency and the rest could sort themselves out in their own time. Other countries could join the Deutschmark zone so that tourists could use D-marks like American visitors on the Caribbean islands spending US dollars.

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