The rest of Europe has euro denominated debts. In Poland, many people took mortgages 2 years ago in CHF at 2.0-2.4 exchange rate to PLN. Now the CHFPLN rate is 3.90 almost 2x higher. No tourist income, no more donations from european union. Dagong Global Credit Rating downgraded Poland's rating together with USA rating. without external capital inflow the nations financials are dead. Plus the babyboomers born after 2nd world war, 1946-1950, are just beginning to retire... and crash the pensions system totally, in fact it is already kaput.