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Germany’s old currency would be the only winner to emerge from a eurozone collapse according to new research from Nomura Securities, which also predicts other members of the bloc would see their national currencies depreciate by up to 60%.

Jens Nordvig, head of fixed income research at Nomura Securities in New York, said in a note Monday that of the 17 countries currently using the euro, Germany would be the only country whose currency would rise above the current euro price of US.$1.34.

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The biggest loser, not surprisingly, would be Greece.

“We estimate that risk [of depreciation] is in the region of 60% for Greece, around 50% for Portugal, and 25% to 35% for a group of countries including Ireland, Italy, Belgium and Spain,” Mr. Nordvig said.

But it could be even worse in the short-term. Mr. Nordvig said that a 60% drop in the value of Greece’s currency, for instance, would occur only after markets stabilized. Following a break up in the eurozone and an adoption of national currencies, the immediate aftermath could be much steeper drops.