JimD said:
How's Finland feeling about the whole thing?
Britain is saying "told you that would happen". Although the impact of a euro collapse would be a very bad thing all round and nobody wants that.
It depends.. Average Joe doesn't like the situation, wants the mark back etc but they don't really understand the situation either. Even if our government can show decent figures compared to most of Europe, the very same fundamental problems exist here as well.
From practical viewpoint we've benefit from the low interest rates and our own currency would have been stronger and slowed down the growth we've had over the last decade, so euro has been a success to the finnish economy as such.
Our banks are in good shape, corporate loans have the lowest interest rate in Europe, but as an export economy our wellbeing depends from the wellbeing of other countries. Our top export countries are Sweden, Germany, Russia, US, the Netherlands, China and the UK (just two are euro-countries). A majority of our exports aren't end products so we need other countries have healthy economy to make the end products, with our equipment, to the global market.
From "outside" the opinions from Britain feel political considering how import the euro market is to the UK and what the impact of euro collapse would be.
While what happened in Greece and Ireland are "obvious", one shouldn't forget that big countries like France and Germany didn't follow the rules either. I like to rank Spain as a "little Ireland" but something that isn't quite that doomed yet, and Italy is more like Japan with a lot of domestic government debt and relatively little private debt. Portugal was "little Spain", they didn't manage to reach the Ireland level.
What I see as the bigger problems are that ECB didn't use or have the same "tools" as the Fed, Bank of England or Bank of Japan and a principal problem in the euro system that the countries involved aren't very comparable.