Greece was not allowed to devalue anything -- they didn't have a currency by tha... | Hacker News

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		toyg on Dec 20, 2012 \| parent \| context \| favorite \| on: The economic return of Iceland has proved that the... Greece was not allowed to devalue anything -- they didn't have a currency by that point! I agree that they were screwed by the European establishment, but certainly the solution was not as easy as "just devalue".

mpweiher on Dec 20, 2012 [–]

They screwed the European establishment, not the other way around...running up huge debts that they knew they would never be able to repay.

What Europe is doing now is trying to save their sorry asses (apologies) without giving them a blank cheque to do it again.

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