Once these countries leave the euro, they will have weak currencies that will make it easy for them to underprice Germany. All this talk of "weak currencies" i

Once these countries leave the euro, they will have weak currencies that will make it easy for them to underprice Germany. All this talk of "weak currencies" is delusional. It doesn't matter if workers get paid in Euros, Drachmas, Bitcoins, or precious metals; those currencies are all interchangeable. Now, there is a way that Greece could underprice Germany -- a way which is likely to happen if Greece leaves the Euro, and which happened before Greece entered the Euro. That way is by paying workers less. Of course, this has the effect of lowering the standard of living; that is, roughly speaking, to lower the Greek standard of living to what it was before Greece entered the Eurozone and inflated their economy with lavish borrowing. Of course, there would be (more) riots in the streets if the Greek government legislated wage cuts for the private sector. So Greece will exit the Euro, spent a tremendous amount of effort converting X EUR/hour wages to Y GRD/hour; then the Drachma will be devalued to bring wages in line with market forces. Same net result, but slower, more expensive, and less riot-prone.