When I was interviewed on the BBC World Service last week I questioned presenter Ed Butler's statement that disintegration of the Eurozone would be 'a total nightmare'. As I said 'I think that's accepted wisdom, but again, I think accepted wisdom is an oxymoron. It may be that actually disintegration is better than trying to hold together something which shouldn't be held together'.
Now I have come across this report which looks at historical examples of exits form currency unions and concludes that far from being catastrophic it is relatively straightforward to achieve and beneficial.
Maybe the only people that a break-up of the Eurozone would be a nightmare for are the Europhiles who's dream would be dashed and the apparatchiks of Brussels.