How Many Euro Breakup Scenarios Are There?

In a short note at, I calculate that there are nearly a quadrillion different permutations for the 17-member eurozone to break up into various single currencies, with a “rump euro” remaining if k>0. What are your views? And is the euro really irreversible, or is that just one possibility out of 1,000,000,000,000,000?

Table 1: Euro Fragmentation Calculations with k Members Keeping the Euro (k=0 to 17)

Math is # 1! YP-17!  Dedicated to Richard Geller (1946 – 11/1/11), who insisted on the former, and David Kelly, who will be undoubtedly pleased at how many seventeens cropped up here.