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The eurozone has not yet collapsed and all countries not in the zone must hope that it will survive. If it did fall apart and new currencies were established, there would be serious threats not only to international trade but also to economic growth and prosperity. Competitive devaluations would exacerbate international tensions and high inflation, which might follow, could lead to the collapse of democratic governments.

Fortunately there is not yet a revolutionary situation in eurozone countries, but there have been waves of protests in those worst affected by austerity.

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