logoalt Hacker News

inigyoutoday at 4:32 PM0 repliesview on HN

It would, and this has been an issue even with bigger eurozone countries, like Greece.

Basically the same pressure that would have adjusted your exchange rates instead adjusts how much of the fixed-rate currency exists in your country. With fluctuating rates the pain of a financial outflow is more evenly spread than with a government running out of money, unless the government adjusts taxes to compensate.