The Euro which it is based on, is NOT a fiat currency. It is a fiat currency tied to economic shackles on countries. I say shackles for countries like Greece could simply print more money to pay their debts. Granted, their currency would devalue, and their interest rates to borrow abroad rise. But that would be the 'gentle' and to force Greece to improve their economic imbalances. One way that would happen is in a currency devaluation is to NOT increase the salaries and payments to bankrupt social services.
They would in effect re-balance their budget through currency debasement. Granted it is a very ugly way to do so. The right way would to get some adults in the room and balance a budget. But since that is no longer possible, then currency debasement is next way to get there.
Spain, Greece, Ireland, Portugal, and others are all insolvent, unable to keep their debt ratio in line to belong to the Euro currency PEG.
A great rant by Nigel Farage once again about the reality and pending failure of the Euro. There is an out, give up on balanced budgets and print print print. But Germany in effect will be looted, the question is, are the German citizens going to allow it to happen?