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REPORT ABUSIVE REPLY
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Message Subject
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GREECE SITUATION UPDATES!!! YOUTH UNEMPLOYMENT RATE IN GREECE RISES TO 59.3%!!!
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Poster Handle
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Anonymous Coward |
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Post Content
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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... Yes. The debt is a problem either way. But what they are doing now is just making the debt larger and the tax revenue smaller. It´s no solution. If anything, it´s just a way to trick them into losing sovereignty.
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