Imagine that there was no euro and that the southern countries had retained their own currencies – Italy with the lira, Spain with the peseta, Greece with the drachma, and so on.
Mettiamo che l'euro non ci fosse e che i paesi del Sud avessero mantenuto la propria moneta – la lira in Italia, la peseta in Spagna, la dracma in Grecia e via dicendo.