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If the euro goes ker-blewie the financial instruments denominated in euros has as much value as German bonds denominated in Reichmarks.
No, if the -Mark goes boom, those instruments will have as much value as ones denominated in D-Mark, as long as you possess sufficient political connections to the German government.
Of course the rest of the Eurozone may well be a wasteland by that point, and the German economy may well find itself fresh out of customers. But the currency will be sound.
Friends come and go. Enemies accumulate.
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