Wall Street banks are all sorts of scenarios about the evolution of euro legacy currencies or if some leave the monetary union. Neither is encouraging.
Central banks around the world have made some moves this week to protect the financial system of banking problems in Europe, but the euro's future remains under threat.

Costs of indebtedness of countries (notriul case of Italy) remain near or even higher than that which economists consider to be unsustainable in the long run.

Some of the biggest players in the forex market public discussion about what might happen if one or more countries would be forced to abandon the euro, the newspaper Wall Street Journal.



Euroeană currency would fall to parity with the dollar at $ 1.34 as it is now, if Greece would leave the euro club, said the Dutch bank ING analysts. If several members of the euro area would return to the former national currencies, the euro would fall to the equivalent of 85 cents, below the lowest level recorded in 2001, said Mark Cliffe of ING.



Former currency of Ireland and the Italian lira would lose 25% to a new DM, while the Spanish peseta would lose 50% and 80% Greek drachma.



The impact of such separations on the eurozone economy would be much worse than Lehman Brothers in 2008, ING analysts say, while the U.S. would face with a mild recession next year, due to the effects of a weak global economy and growth a strong dollar, which would lead to a contraction of U.S. exports.



Grim prognosis of those at ING is one of a wave of nightmare scenarios issued by banks in recent months, also informs Wall Street Journal.



Last month, analysts at Bank of America Merrill Lynch said that the coins of Spain, Italy, Portugal and France would fall against the dollar after a possible rupture of the euro area, while the currencies of Germany, the Netherlands and Ireland could rise.



If only Germany would leave the euro area, foreign exchange rate euro / dollar would fall only 2%, after the initial shock. If the area but had left Italy, France or Spain, the euro could rise by 2% or 3%, analysts said.



Credit Suisse AG told clients last month that it is likely that markets "have entered the last days of the euro as we know it now," while Japanese analysts at Nomura Securities International have issued reports warning that the investors Bonds are advised to pay attention to their bonds in the euro area.



Moody Investors Service said recently that it could review the credit ratings for eurozone members if not taken political measures also reduce the credit market turmoil in Europe. Many analysts do not expect a disintegration of the euro area, but they believe that the risks are increasing.



It is difficult to predict where the new European currencies could trade, since it is not clear who will leave the eurozone. And there is the feeling that, while European companies and hedge funds are trying hard to prepare, almost can not do anything.