The Volkswagen Golf and Fiat Panda are, together, older than the European Union, but the euro's unravelling could mean serious headaches for one and potential blessings for the other. A north-south break-up of the EU in which Italy, Spain and Greece abandoned the euro would transform the industrial map, upending a decade of investment decisions and supply relationships based on monetary union.
A break-up would likely see the emergence of a stronger German currency - whether a restored deutschmark or more select euro - raising domestic production costs and eroding the competitiveness of exports like the Golf, first sold in 1974.
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