"Two things strike me on this. Why pick on Italy? Far better financial shape than UK USA. Even runs primary budget surplus. Why the hysteria about a break up? The Habsburgs separated their currencies the same way as the Czechoslovaks. Some apparatchiks pitched up one Sunday morning (I think it was Sunday) and rubberstamped existing notes with new denominations, OK a few banks probably went bust. So what? Think Northern Rock. The buildings still stand; the staff have not been guillotined. The depositors were protected and, it's back in business. Think too when UK devalued out of Bretton Woods near common currency. And left ERM. Why the hysteria? Meanwhile the Pavlovian lummoxes yet again react to the bell of we're fixing it and pile in. They may be right for the wrong reason per the above. Also Euro shares are I believe good long term value."

David Fuller's view Thanks for the history. I agree on Italy and also long-term equity value, particularly for European dividend aristocrats which export globally.