Investors will pay the price for failing to grasp the mechanical and obvious point that currency unions do not eliminate risk: they switch it from exchange risk to default risk. Read about Germany's insistence on an EU treaty change that will protect Germany here.
This just reinforces to me that beside Gold, the only fiat currencies that can be considered safe havens are the CAD, AUD, and CHF. A secondary lot of fiat currencies would be NKR, SEK, NZD, and SGD.
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