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The proposed solutions range from allowing peripheral countries which leave the euro to redenominate their debt in their new currency, the idea put forward by Bootle, to dissolving the entire currency if one country exits, proposed by Record.
Dobbs argues that the euro should disappear, with those holding euros replacing them with claims on the new currencies, according to a set proportion.
Vetter points out that a collapse of the currency would not necessarily lead to financial disaster, while Nordvig and Firoozye take on the issue foreign law debt contracts – currently worth around €10 trillion. They suggest creating a second European Currency Unit for sovereign debt which falls under laws from outside the country, and redenominating the debt which falls under local law into a new currency.
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