|>>>Inflation is NOT easy to turn around once it becomes virulent. The only example I can think of of its being done (without totally replacing the currency) was Paul Volcker's raising of short term interest rates to over 20% (and long term Treasury rates to well over 10%) in the early 1980s.|
A number of South American countries have tamed inflation that was far worse than that which was in the US in the late 70s, early 80s. Brazil and Argentina are the examples that come immediately to mind, but other countries have done similar things. It is important to recognize, though, the same solution won't necessarily work in different situations--it is necessary to consider the causes of the inflation and the prevailing culture of the country. Here is an article on Brazil, but you can find others on Brazil as well as on other countries by using a search engine.<<<
I don't think so.
Show me an example where the old currency remained viable and I will listen to you. Usually what happens is (if the name of the currency remains the same) is that zeros are lopped off. This even happened in France in 1959-60 when the "old franc" became to "new franc" with two zeros removed. I was there.