How do you say devaluation in Greek?
Of course that would require understanding the problem in the first place. And herein lies the problem, since most people still argue that the Greek problem is fundamentally fiscal. In other words, in the conventional view the Greek government spent too much (and lied about it), and the solution must rely on the generation of sufficient fiscal surpluses to pay for the outstanding debt. Further, to obtain the funds it is assumed that austerity is the way to go, privatizing public firms, cutting public sector wages, and reducing pensions.
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