Not only will the EU disintegrate, the banks holding those IOUs from the country defaulting on them, depositors will find themselves suffering a loss, after they can't get their money out of the bank due to a government declared bank holiday. And IOUs from that bank will also affect the balance sheets of other banks, likely including the Fed. Either expect to see losses and bank failures, or expect to see governments printing money to bailout the banks, and increased inflation, perhaps over a single night.
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