Rob, ditching the euro wouldn't help Spain, even in the short term. Governments need to raise money by issuing bonds (gilts as they are called in UK). Spain needs to borrow more money than most to get it through the crisis. Spain (and big Spanish corporations like Iberdrola, Santander, etc) is already having to pay more than, say Germany, to borrow money because potential lenders think Spain is likelier to default. It costs more to insure a loan to Spain, even though the loan is in Euros. Now, suppose Spain was to go back to the Peseta, do you think that would make lenders more eager to lend? The Telegraph chap, Ambrose Evans-Pritchard has been talking down the Euro for years. The thing is, there's nowhere in the world that's not affected so there's no real reason for exchange rates to go up or down much as they're all equally buggered. Euroland, the USA and UK are all in the same boat. Which is good news as there are no decisions to make.