Due to huge Target2 intra-Eurozone imbalances... ``So to put words into action, the Eurocrats determine that coincident with the Grexit and re-launch of the drachma, all euros deposited in banks anywhere in Euroland by Greek nationals becomes a drachma deposit. Germany is saved because it no longer owes euros to Nico. But Nico's life savings are not safe after all. And the same thing could happen to Juan, Paddy, Luigi and their countrymen in the PIIGS, if they think that moving their euros to Germany is safe.''

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