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  Yes indeed, Ross, the borrowings of the Eurozone countries by far exceed the value of $600 billion.
  But the same paper notes and metal coins are used in the economy many times over and for different transactions simultaneously.
  Therefore, as $600 b. equals 450 billion euro, 450 b. gold-backed euro would cover state budgets in the region of trillions of euro. A gold euro would rise on the exchange market and could possibly equal 10 current euro.
  So the national debts in Eurozone countries could be converted at a ratio of 1:10 into new (gold-backed) euro.
  
  And there is also the possibility of a combination of gold standard and fiat currency, whereby the initial sum of a new euro in circulation could exceed 450 billion.
  
  That said, the US dollar could go the same way, as America has over 8,000 tonnes of gold stock.
  The USA could back the dollar both with gold and strategic reserves of oil and gas, of which they have huge amounts deposited in salt rock-fields both underground on land, and under the seabed near the coast.

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