It's worse. If the Euro breaks up it will break up into two. The currency of the top half will skyrocket and those countries will quickly become uncompetitive

It's worse. If the Euro breaks up it will break up into two. The currency of the top half will skyrocket and those countries will quickly become uncompetitive and so their economies will crash. The bottom half will find that they earn is some useless currency but that their debts are denominated in Euros. They will find themselves crushed under an impossible debt burden. Think negative equity on a national scale which last decades. I know which half I would rather be in, but it's gonna be horrible for everyone.