There has been a lot of talk about the consequences of QE on a domestic economy. However I think there is a devasting consequence to foreign investors too. If the Euro did QE or if the states do it individually if the union fails, the investment made in the countries from outside will be damaged as much as a default. The value of the currency would be weakened when the QE took place reducing the value of the currency against other currencies. If for example the investment came from the US and the Euro was devalued by QE the amount of dollars you could buy with the Euro's which were owed would have diminished. The process of QE to payoff debts will have as damaging an effect as a flat out default by the effect the domestic currency devaluation would have on the exchange rate. In short not only is the purchasing power of the domestic economy diminished but the return foreigner investor will receive is too. Not only would QE do enromous damage to the Euro but the countries who lent money there will be damaged.