Courtesy of ZeroHedge, this is what you are missing by retaining the euro:
It is important to note that not only did Argentina default, it also broke a peg to the dollar and allowed its currency to float freely devaluing quickly. Not only did Argentina’s economy stop shrinking, it bounced off the bottom and has grown ever since.
Iceland made a similar choice. Rather than bailing out its banks, it allowed them to go bust. At the same time, its currency crashed depreciating rapidly against both the euro and the dollar. Iceland’s economy bottomed out and began growing after both of these events.
Compare these countries to Greece. The Greek government chose to continue using the euro, has been bailing out its banks and after a write down is attempting to pay its debts. The result of these actions is a depression without end.
Unfortunately, Spain has chosen the Greek course of relying on ever increasing bailouts from its eurozone partners. These bailouts will create resentment in the countries underwriting them forcing them to insist on harsher conditions and more meddling in Spain’s internal affairs. Spain will experience more social instability and civil unrest as a result of mass unemployment, just like Greece.
If Spain defaults, lets its banks go bust, and leaves the eurozone, it will have excellent growth prospects for the future. The country is still a full-fledged member of NATO and the EU. Belonging to these two organizations is very important to attract foreign investors. Spain has many natural advantages will be able to grow itself to health quickly just like Argentina and Iceland.
The good news would be that Spain would be overrun with vacationers spending their money. The bad news would be that many of them would be Germans. Good luck, Spain.