[Jim727]

I'm definitely not an economist (not even the one-handed one Truman wanted), but I'd guess that if Greece voluntarily leaves the Euro Zone the Euro will head back up.

Converting to Drachmas would be ugly for the Greek people. Perhaps if they follow the path Brazil used with their Unit of Real Value then there might be some hope, but I think the whole country is in such denial that it isn't likely.

Bigger question is what will the political change in France mean for the Euro. If the French reject 'austerity', then when will Germany get tired of supporting countries that reject fiscal responsibility.

I think Greece is mostly the canary in the mine.