Listening to some of the dire warnings about what might happen if / when the Euro breaks up, I'm reminded of the kind of things that were said in the early 1990s, as folk contemplated Sterling's exit from the Euro's precursor - EMU.

"It'll lead to massive instability", they told us. Shortly before we entered a decade of gently rising prosperity.

"It'll harm our ability to trade with Europe", came the shrill cry. Before our over dependence on EU trade soared to dangerous new levels.

Today, a report by ING, considers what might happen if Euroland breaks up. Greek exit would mean the new Greek currency falling by 80% against the Euro. Spain, Italy and Portugal's new currencies by 50%.

Far from being reasons not to quit the Euro, if what ING says is correct, then how can the Euro possibly not break up? Trading with a currency that is 50 - 80% overvalued while they remain in the Euro, Greece, Spain, Italy and Portugal are stuffed. Under such conditions, it's almost impossible to see how people in those countries can create wealth.

Perhaps the answer is change the laws of legal tender across Euroland, and allow other currencies, that aren't managed by the Euro elite to slowly take over?

However traumatic exit might seem, the consequences of staying in will be to condemn generations of southern Europeans to years of stagnation. Many of the best job opportunities will be in other countries.

Britain discovered with EMU that the real harm comes from politicians trying to keep their grandiose projects going. Exit, when it came, brought a new lease of life.