First of all, the EU kicked Greece to the IMF, kicking away people's confidence in the euro. As a member of the euro zone, Greece's debt problem should be solved within the euro zone, and people will be full of confidence in the long-term development of the euro zone. If something goes wrong, everyone will take evasive action, stand by and even expel Greece from the euro zone. The market will doubt the cohesion of the euro zone and the process of European integration. No wonder Soros and Rogers, both financial giants, think that the euro zone will fall apart in a few years. At present, we can't confirm the accuracy of their prediction. But in the long run, the future of the euro zone is indeed worrying. In fact, the euro zone is a single currency area composed of different sovereign countries, and there are certain differences among countries, and there will be further differences in the process of development. This requires that the euro zone must have the confidence and determination to jointly solve and cope with difficulties, instead of "sweeping the snow at the front door and leaving others alone", which will seriously threaten the stability and healthy development of the euro zone. Secondly, it will provide speculative opportunities for hedge funds. Hedge funds are bloodthirsty, and once they smell it, they will take attack measures. The Greek debt problem has not been solved for a long time, especially now it is facing the risk of being kicked into the IMF, which will inevitably provide speculative opportunities for international hedge funds, thus affecting the stability of the euro exchange rate. Due to the high fiscal deficit and debt in Greece and other countries, and there is no clear solution, hedge funds generally short the euro. Once the euro depreciates, speculators will get higher speculative profits. In addition, the price of the "credit default swap" (CDS) contract of Greek government bonds will also rise, and the party selling the CDS contract can get more profits. The financing cost of Greek national debt will also rise, the price of national debt will fall, and the buyer of national debt will get more benefits. If you speculate in these three markets at the same time, once you succeed, you will get rich profits. The protracted sovereign debt problem in the euro zone will seriously affect the stability of the euro exchange rate, which will certainly provide more speculative opportunities for international hedge funds, but it will bring Greece higher costs and difficulties in financing from the international financial market. Third, the failure to solve the sovereign debt problem in the euro zone will weaken the status of the euro and strengthen the international status of the US dollar and the Japanese yen. The sovereign debt problems of Greece and other countries have been plaguing Europe, and the market's confidence in the development prospects of the euro zone has declined, and the international monetary status of the euro will also decline. In the past, people thought that the biggest challenge facing the major international currency, the US dollar, was the rise of the euro, but now it seems that the euro may still have a long way to go to compete with the US dollar, and even the euro may face the risk of collapse. With the decline of the status of the euro, it will inevitably strengthen the status of major international currencies such as the US dollar and the Japanese yen, and enhance the hedging function of the US dollar and the Japanese yen. For example, in the case of the continuous decline of the US dollar, the exchange rate between the US dollar and the Japanese yen has continued to strengthen, and investors have sold euros and turned to invest in international currencies such as the US dollar and the Japanese yen. The fourth is a warning to East Asian countries to establish the Asian dollar. Due to the successful start of the euro zone, Asian countries have begun to imagine the establishment of Asian monetary integration and the establishment of a single currency area-the Asian dollar area, in which Japan has always been an active advocate. Recently, it is difficult to solve the sovereign debt problem in the euro zone, which shows that it is not enough to establish a unified currency area, and political integration needs to be further promoted. The differences between Asian countries, including economic development, social system, national cultural traditions and religious beliefs, are far greater than those in the euro zone countries, which makes people think more about the idea of establishing an Asian dollar in East Asian countries. The launch of the Asian dollar must be more cautious, and even whether it should be launched is worthy of further argumentation. For China, we should give priority to the internationalization of RMB, steadily promote the regionalization of RMB, and give full play to the function of RMB in cross-border trade pricing and settlement.