Bad for Germany as it relies on low Euro from PIIGS effect to export its cheap manufactured goods around the world. Also bad for Germany as PIIGS no longer able to afford German goods. Netherlands and Austria will join them to form German speaking currency union.
Bad for France as they have to bail out their banks so their GDP to debt is over 100% and they join PIIGS. France will offer similar currency union to other French speaking countries, which will be very successful, they are battling along alone, but French speaking Somalia have offered to join then. Franc strengthens upon the news and shares in their shipyards rally.
Bad for Belgium as they will have to bailout zombie bank Dexia further with already over 100% debt to GDP, so they also join PIIGS.
PIIGS now known as FIBPIGS after Greek financial reporting or BIFPIGS after Napoleon Jr (Sarkozy) where France likes to thrown its weight around in Europe.
Greece good as new currency reflects their economic position. Floats at 1 new dracma to 1 Euro within a week 1,000,000,000 dracma to 1 Euro, so forced to default by 100% on debt rather than 50%, which causes major French banking crisis.
Turkey not happy as cheap Greek holidays takes away much of the tourism increases they have achieved over the last few years, so boost their tourism by unifying Cyprus.
Italy, do they know, will they care, as it is an excuse to have a national holiday in celebration and massive year long Bunga Bunga party.
Ireland keeps Euro as they can't afford the cost of a punt on a new currency.
Spain good as they will increase their tourism, which is boosted still further from massive influx of Brits where you can buy an empty 3 bedroom villa with swimming pool for £99 including taxes.
Unemployment drops as a result from 22.8% to 22.75%.
Portugal defaults and in solidarity with Greece, joins dracma currency union, currency strengthens, so now trading at 999,999,998 dracma to 1 Euro.
**** Stop press: **** Latest news. France withdraw their ship from anti-piracy gulf patrol... France mobilizes all their military forces and invades a neighboring country, but is quickly defeated and they have counter attacked, with Sarkozy declaring Paris and open city. Yes, the French really were that desperate to get their hands on Luxembourg's currency reserves.
It may not be exactly like this, but I'm sure the Eurofarce will be long these lines....