In fact, that system has already been working within the Eurozone since the introduction of the euro (see
http://en.wikipedia.org/wiki/CFA_franc): the West African franc and the Central African franc are used in 14 African countries. It is guaranteed by the French treasury and is in a fixed relation to the Euro. Although that fixed relation has remained unchanged since the beginning of the euro, nothing would prevent the countries concerned from adjusting the exchange rates in relation to the euro with the agreement of the French government and the Euro authorities. The same would apply to Greece and other countries in the same case. JR
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