And bringing the implicit guarantee of other sovereigns to bear against the risk of redenomination would create new problems.

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One is that it plans a redenomination of the currency on January 1st.

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In theory, even a slight risk of redenomination ought to justify taking every last euro out of the bank, whether stashing it under the mattress or abroad.

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Although a fund of that size could comfortably deal with the failure of individual banks, it would still not be large enough to prevent bank runs sparked by fear of redenomination.

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Keep in mind that, as it stands, Cyprus is suffering deflationary effects, bank closure costs, capital controls, yet without getting the redenomination benefits and independent monetary policy benefits of leaving the euro.

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With many Russians also wary of hanging on to roubles until after the planned redenomination on January 1st, which will relaunch the currency at 6.1 to the dollar, the central bank will be hard-pressed to hold the line until then.

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So I was curious to see this exact phrase pop up in various media analyses where implications of Euro-demise, such as redenomination risk, cross-border contract liability, and so on are getting a thinking through, at least in the media, for example here in the WSJ.

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