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Message Subject GREECE SITUATION UPDATES: The death of a 19-year-old Greek student has come to symbolize everything that's wrong with austerity!!!
Poster Handle Anonymous Coward
Post Content
Btw, the most likely conversion would be 1:1 initially. Then the drachma, lira, peseta, etc. would rapidly depreciate.

The devaluation, however, would make it easier to create jobs.

Devaluation alone won´t solve the problem. Would just give some respite. But the current combination of structural problems and hard currency is lethal.
 Quoting: Anonymous Coward 28660470


The problem with depreciation of local currency is debt in foreign currency. Similar to what happened in Mx in 1994/5. One way out is to organize debter Unions, to negotiate with banks as a group. Otherwise you're screwed if you have to face them alone...
 
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