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- Here's what that means in English: If the euro does completely unravel, the German mark will come back. And the new mark will be worth a good deal more than the euro. Since German bonds will presumably be redenominated into marks, investors holding those bonds stand to gain a windfall.
- Just about the only positive is that now would be a pretty great time for Germany to borrow some money and spend it -- if they'd give up their austerity delusions.
This is what many economists have been arguing for the US for several years. Worry about long term structural problems, but don't worry about stimulus spending; its basically interest free right now.