I am from newer countries of EU, we are export oriented country. I second what is written bellow. Really more advantages than disadvantages for us. I think we will be quite happy with 1:1.
Should be an interesting day for the euro after the Greek "bailout". If the euro cannot sustain solid gains over the next couple days than a real death spiral of selling could occur and contagion spreading to other countries. Any thoughts?
The EU is probably going to tear itself apart over this, I imagine at least a few countries will simply pull out, depending on how things turn out here in the UK that might well happen to at least this country since people will soon be already getting wind of it and the people here may not want to foot the bill especially with the bank bailouts that recently happened. I certainly don't and people might just end up voting for a fourth party instead of the liberal democrats because the lib dems are such fanatics for the EU apparently. There are a few EU fanatics in other countries so they may try and keep the whole thing alive but it's probably going to collapse in on itself and they might well be forced to maintain some loose alliances so they don't all turn medieval on each other and Europe just becomes a bunch of warring states again.
How does a Greek bailout save the Euro? What about the rest of the PIGS? Aren't they going to need a bailout, too? How can all of the countries with massive debt who will eventually need a bailout themselves be bailing out the countries on the brink of default? Are Spain, Portugal, Italy and Ireland contributing to the IMF bailout? Who is going to bailout the US after we bail everybody else out? No one!
There's only 2 things you can export nowadays --- goods or interest rates Europe has just figured that out.