I was listening to some podcast recently where someone was talking about how inflation is really a hidden tax; a tax created as you say, by devaluation everyone's savings by printing more money.

The EU is a terrible case because the nations have entangled their money, and removed monetary sovereignty. The UK's exit was meaningless in this aspect because they never gave up sovereignty of their money. I'm hoping the next nation to reclaim their money will come soon, and wonder which one it will be. Will we once again see Spanish pesos, German marks?

In that sense a nation cannot go bankrupt ... so, what happens when a nation can no longer convince its citizens their money is a reasonable means to exchange value? There is a bankruptcy, but not a monetary one. It's a moral one. It's one of legitimacy. That's how nations cease being nations.