"Euro will not collapse. If it did, a huge damage would be done to all national economies of the Eurozone. Most of the trade relations that have been successful for the last 10 years would disappear spontaneously. Consequently, this would reduce investment together with consumption and would enlarge uncertainty."
Philippe Bacchetta's [Professor of Economics at University of Lausanne, former Director of the Study Center Gerzensee (Foundation of the Swiss National Bank)] comment on a long-time Euro-skeptic's, the British Foreign Secretary's William Hague's, quote "I described the euro as a burning building with no exits and so it has proved for some of the countries in it":
"I know that UK has never been that fond of Europe and I am not surprised that it has such a negative perspective. On the other hand, I think that a burning building could be a good comparison, although, I am not so sure about the lack of exits. The foundation of the Eurozone was made with a number of faults which need to be fixed; therefore, it is important that today the member states are united. I think that there is still hope and ways of surviving for the euro, although the things are in a bad shape right now as the Greeks might not accept the bail-out and even abandon the euro. However, in my opinion, even if Greece defaults, the euro will still live on."