A controlled decline in the renminbi is more likely than a cascading waterfall like the ruble. The primary reason is because of the massive forex reserves. These reserves are used to smooth out forex movements, so that "events" don't happen. Everyone saw how Hong Kong was able to keep its peg with the dollar in the Asian currency crisis. Hong Kong has crazy amounts of forex reserves. It's like a gigantic rainy day fund.

I agree. I don't know how it is even possible for them to get all the dollars to even have basic transactions in the country. They just need to rev up the printing presses and pay for imported necessities with the gold reserves they have. This would probably be enough for a couple of months before the tourists come like crazy in the Spring break and summer months which would bring foreign currency into the system again.

I reiterate that these guys need to go hardcore legalization of everything male tourists like.

Greece is going to have to be like a southeast Asian country with a weak currency to promote tourism. How would Greece get all the dollars necessary transact in the country? They don't even have enough euros. They need to switch back to the drachma and legalize drugs and prostitution. Tourists will come in droves.