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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.
Austerity can only be implemented in the shadow of a concentration camp.
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