Michael Roberts in the posted link: > If that gained no support, Greece would probably be expelled from the > Eurozone and > be forced to adopt a national currency devalued by financial markets. That > is no easy > or preferable solution as some on the left have argued. Devaluation may make > Greek > exports cheaper but it will also make the debt of corporations hugely larger > as those > debts will still be in euros or dollars.
And there, there is a solution: the Greek government may convert all (public and private) Greek foreign debt unilaterally to drahmas at an echange rate they fix before going back to drahma so that Greeks pay all their pre-conversion foreign debt (public and private) in drahmas. If their creditors don't like this, then their only option is to invade Greece militarily, which I don't think can happen at the moment. Best, Sabri _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
