About Greyhill

Greyhill advises clients on corporate site selection, economic development, and commerical real estate. Our blog covers those topics plus economics, trade policy, manufacturing policy, and other related subjects.

« Flooding in Thailand - Ayutthaya Province | Main | Local Government Finances »
Tuesday
Nov012011

Why Greece Should Default and Devalue - in Three Charts

The headline is superfluous, as Greece defaulting on its debt is a mathematical certainty. The only alternative is for another country to pay the debt, which is more likely than Greece paying the debt off, but not much. While default is a certainty, the Eurozone seems to be avoiding the issue entirely. More importantly, after default Greece will leave the Euro, adopt the New Drachma, and rebuild its economy. I believe this is not only likely to happen, but the only sensible choice. Greece leaving the Euro allows Greece to survive and the Euro member states to allocate limited resources to shoring up countries more likely to avoid default. 

Most important for Greece is that leaving the Euro and adopting a devalued local currency is a strategy than can work. Argentina defaulted on its debt and devalued the local currency in 2002 and here are the results. 

Unemployment Rate

 

GDP per Capita (PPP)

Industrial Production 

Default is not an ideal situation, but history shows a country can survive it. I'm not sure Greece can survive another decade of 20+% unemployment. 

References (138)

References allow you to track sources for this article, as well as articles that were written in response to this article.
  • Response
    Response: web indexing
    Wonderful Web page, Continue the very good job. Thanks!
  • Response
    NFL is really one particular of the biggest sports in America. It has a significant following.
  • Response
  • Response
    Response: source web page
    Why Greece Should Default and Devalue - in Three Charts - Blog - Greyhill Advisors
  • Response
    Why Greece Should Default and Devalue - in Three Charts - Blog - Greyhill Advisors
  • Response
    Response: begun trading
    Why Greece Should Default and Devalue - in Three Charts - Blog - Greyhill Advisors
  • Response
    Why Greece Should Default and Devalue - in Three Charts - Blog - Greyhill Advisors
  • Response
    Response: massage products
    Why Greece Should Default and Devalue - in Three Charts - Blog - Greyhill Advisors
  • Response
    Why Greece Should Default and Devalue - in Three Charts - Blog - Greyhill Advisors
  • Response
    Why Greece Should Default and Devalue - in Three Charts - Blog - Greyhill Advisors
  • Response
    Why Greece Should Default and Devalue - in Three Charts - Blog - Greyhill Advisors
  • Response
    Response: Niagara therapy
    Why Greece Should Default and Devalue - in Three Charts - Blog - Greyhill Advisors
  • Response
    Response: search engine
    Why Greece Should Default and Devalue - in Three Charts - Blog - Greyhill Advisors
  • Response
    Response: funny videos
    Why Greece Should Default and Devalue - in Three Charts - Blog - Greyhill Advisors
  • Response
    Response: Continued
    Why Greece Should Default and Devalue - in Three Charts - Blog - Greyhill Advisors
  • Response
    Response: click
    hi pal
  • Response
    Response: the rush essay
    According to the above charts i guess the unemployement rate is high initially, but it's quite acceptable the grapgh goes on. Well coming to industrial production it's also good and there was a huge development compared with the past years.
  • Response
    Most important for Greece is that leaving
  • Response
    Most important for Greece is that leaving the Euro and adopting a devalued local currency
  • Response
    More importantly, after default Greece will leave the Euro, adopt the New
  • Response
    Контакт моя страница
  • Response
    Euro and adopting a devalued local currency is a strategy
  • Response
    Euro allows Greece to survive and the Euro member states
  • Response
  • Response
    Response: www.rbpa.ca/
    The only preference is for further realm to spend the arrears, which is also apparent than Greece paying the obligation eccentric, however negative plenty. Though failure is a conviction, the Eurozone appears to be avoiding the brood completely.
  • Response
    Response: verus themes
    More importantly, after default Greece will leave
  • Response
    Response: jasa one
  • Response
  • Response
    Response: foto bugil
  • Response
  • Response
    Response: periscope for pc
  • Response
    青水现在身上有着不少晶卡,都是在一百品质以内,但也都是八十品质以上的,很多,别小看八十品质的,虽然和满品质的差了很多,但依旧有着巨大的威力。 接着身边不远处陆续出现了不少人,louis vuitton speedy,其他人应该也是沉不住气都进来了,北海龙慈道似乎就开启一周的时间,一周之后关闭,下次开启还不知道是什么时候。 时间上并不是很多,所以都没有在嗦什么,青水也向四周看看,这里是一处山地,这里并不黑暗,通过结界到达这里,居然可以看到空中的太阳和云彩,不用怀疑这里就是陆地,不过北海
  • Response
    也可能殷家大少是真的喜欢穆青,放出这句话没有人感觉奇怪,反而给殷家挽回不少损失,他只是说一定追求到穆青,说他的努力一定会的,所以就算是三爷也不能说什么,人家也没有过分的言语,parajumpers jakke,自己的女儿被别人爱慕,难道他能去把人家打趴下。 最重要的是这人也挺圆滑,michael kors vesker,也许是打不过穆青的原因,所以从没有冒犯过穆青,虽然莽撞,但也有分寸,只是这一次似乎碰上钉子了。 一个无名的人被他殷大少捏碎手甚至打死,在这郡城也没有什么,只是这个人已
  • Response
    ” 搜魂的年龄还真不大,还有很多年的生命,现在跟着他的女人也是他喜欢的,canada goose salg,而她虽然不说可一直都想给搜魂生一个孩子,louis vuitton neverfull,她知道搜魂的情况,canada goose dame,却是依旧不离开搜魂。 “真的?” 搜魂惊喜的看着青水。 搜魂可是很相信青水的医术的。 “我现在就可以试试,一会就知道了,我先帮老哥针灸一下,parajumpers Juliet 6,可以让你年轻一些。” 九阳固本培
  • Response
    Response: jordans shoes
    thunder agains nike basketball shoes t nike basketba nike zoom ll shoes the nike zoom Wiz good seller had a nike sko dame billig 3 thirteen, Weiss Brook had sent out 35 points and 13 rebounds 13 ass good seller ists. Andrea adidas football boots - ...
  • Response
    C'e 'un Buon inizio, dopo meno di fronte Freddo anche naturalmente Fare delle deviazioni."BEH,michael kors lommebok, Guarda la formazione di questi Arcanum Katana, in grado di raggiungere il livello di potere Esattamente quello che,michael kors veske
  • Response
    Response: michael kors selma
    Il corpo ha condensato,michael kors selma, subito dopo Cade a terra, il suo Pick - up Rosso pornografico Lega la Catena."Ah!"La Mia Piccola arma. Ah, Yu - VENTO Nader Hai danneggiato per tutta La mia vita Ho questa Fortuna prima di giocare Solo di Ar
  • Response
    Response: coach coupon code
    dies Ms. nike huarache white Lin:. curry one 'Linghu Shaoxia, I hop nike huarache white e you katespade call me ba curry one by can not black huarache forget the roshe run black parents of the deep hatred. flyknit lunar 3 'Side head yeezy boosts 350 to oreo flyknit racer the ...
  • Response
    warranty of three years and small Yeezy 750 Boost achievements, Yeezy 750 Boost may be the culmination of Yee Yeezy Boost 350 For Sale zy Boost 350 For Sale five years! ''another five years!' Wang Chengen sneer, 'had boldly said five Yuanchonghuan also Yeezy Boost 350 can Yeezy 350 Boost Ox ...
  • Response
    Response: Yeezy Boost 350
    severely out.forest {Yeezy Boost 350 Moonrock day {Yeezy Boost 350 Moonrock s glanced at these people, and Yeezy Boost 350 Yeezy Boost 350 my heart Lengran {Yeezy Boost 350 endless, he now did not know how to Yeezy Boost 350 do these days, he has been doing Yeezy 350 Boost Moonrock ...
  • Response
    I found a great...
  • Response
  • Response
    large account Songyou Liang looked at Black Yeezy 350 Boost the map, tapping the table with your fingers, Black Yeezy 350 Boo Yeezy 350 Boost Turtle Dove st eyes closed thinking. So far, the development Yeezy 350 Boost Turtle Dove of the situation did Under Armour Curry Basketball Shoes not Yeezy ...
  • Response
    青水眼睛冷冷的看着胖子:“你这是逼我杀了你了。” 胖子一愣看着青水甚是惊讶的说道:“你敢杀我?” 青水笑了:“你一口口的药找人杀我,我为什么就不能杀你,Canada Pandora Jewelry Review,难道你是个傻逼,反正你要找人杀我,那我干脆杀了你好了。” “咳咳,我说着玩的,我要杀你难道还会说出来,我有那么傻吗,我就是吓唬吓唬你。” 胖子赶紧说道。 青水笑了,他还真没有打算杀这个胖子,没有必要一来就和九州医门产生冲突,虽然杀了一个人,但这样并不算什么,
  • Response
    这是火甲天岩熊现在的实力,Australia Pandora Beads! 火甲天岩熊强大的是防御力还有就是它的火焰攻击,肉体的攻击反而是最弱的,所以虽然只能算是至尊一级巅峰的实力,但真正战斗起来就是至尊二级巅峰的妖兽也不是对手。 “还是爹爹给的妖兽好,我的那几只最高级的才武皇巅峰,一直没有机会去驯服别的妖兽,爹爹什么时候带我去驯服妖兽啊。” 栾栾搂青水的胳膊撒娇的说道。 “以后吧,Pandora Jewelry Factory Us,会有时间的,等你娘亲出来,我们先回家
  • Response
    ” 青水笑着看着圣君,不知道她葫芦里卖的什么药。 “算你诚实,吃完饭了,Cheap Dutyfree Pandora Sale,趁早离开吧,永远不要再来这里,我会记住你这个朋友。” 圣君慢慢的站起来决然的说道。 青水没有动,而是慢慢的喝着酒,似乎没有听到圣君的话一样。 “你很美,Cheap Australia Pandora Jewelry Charms,但我的妻子比你丝毫不差,我不会因为你是美女就会冒生命危险,但为了朋友我可以共进退,不管是男是女,是丑是美,丢下他
  • Response
    “真要说吗?” 青水想了想说道。 “说吧,也没什么不可说的。” 老人很坦荡。 “老人家你的暗疾控制不住了,半年。” 青水想了想说道,Authentic Pandora Jewelry,他知道老人知道他说的是什么。 “名不虚传,你只凭医术就能在这大陆立足,Cheap Canada Pandora Charms,你还年轻,木秀于林风必摧之,你要学会保护自己,Pandora Jewelry Factory Us,这个世界很多人其心很歹,他不喜欢别人比他能力更强。”
  • Response
    可怜天下父母心! “你说的这些也许是真的,可是那一个个都是飘渺无期,我们司徒家全部财产也换不到一颗皇品丹药吧,至于那天阳果,也只在史书中记载,爹,孩儿知道您的意思,是孩儿不争气。” 司徒伤的话让司徒霸这样的铁汉都一阵心酸,为人父母尤其是像司徒霸这样铁铮铮的汉子,Discount Pandora Jewelry Free Shipping Us,希望在自己的羽翼下孩子能快乐健康生长成人,不受到任何伤害,可自己连这个都做不到,堂堂一家之主,优越的身份却是被束住手脚一般。 “伤儿,还
  • Response
    ” 海冬卿看到青水犹豫的神色轻轻的说道。 她的声音有着魅惑的磁性,端庄典雅中有着说不出的动人,一颦一笑都是一种优雅,让人挑不出一丝瑕疵。 “没有,那就打搅海小姐了。” 青水想想反正也要找客栈,干脆就去海家好了,可以了解下这里的情况,怎么说在这寒冰城没有一个认识的人,这也算是半个朋友了,何况青家现在住的地方就是以前海家的庄园,所以有种淡淡说不清的联系。 两人撑着一把伞在大雪纷纷中行走着,青水尽量把身子向外探,即使这样还是难免和海冬卿的肩膀想碰,Pandora Jewe
  • Response
    早上起来,青水来到天上人间楼顶,因为那里可以晨练,还没到楼顶就听到上面传来一阵悦耳的兵器碰撞的声音。 只是远远的看到后才知道两女再练习剑舞,火云琉璃的剑舞本身就是沧海明月教的,此时两人的长剑不断的相触,一触即分! 响起一连串清脆的嗡鸣声! 看到青水后,两女眼神一转,Discount Pandora Bracelets,突然向着青水欺来来,两条身影相互交错,华丽的令人叹服。 青水一笑,论速度,即使她们用上剑舞的舞步依然和青水无法比拟,青水快速的前进三步,猛地再次前进一步却是
  • Response
    啪! 锦袋落在地上,青水的心松了一口气,看看口袋居然还是密封的。 当青水拿起锦袋的时候,眼睛一亮,袋子上面居然传出强大的灵气,而且就是袋子本身都有着不错的灵气波动,Cheap Australia Pandora Jewelry Charms,比起那白虎石似乎还要强大。 青水知道这袋子为什么会还是如此的新,这锦袋是用特别高级的妖兽皮炼制成的,青水虽然不知道什么等级,但青水能感觉出绝对不是先天级别或者武皇级别妖兽的皮毛能比拟的。 “那么说至少是至尊级别的妖兽皮制作的?”
  • Response
    五万两三次! 成交,cheap Pandora Jewelry free shipping! 最后青水花了五万两黄金卖了这么一个东西,Canada Pandora Charms,的人是唐武德掏的钱,在许多人眼中这是一种败家行为,Authentic Pandora Charms,另外就是让拍卖师感到自豪,一件底价一两黄金的东西最后被他五万两黄金拍卖出去,这也是他拍卖人生中比较意外的一次,但这对于拍卖师来说这是荣耀。 接下来青水都不感兴趣,那中间出了一次相当强大的武器,虹光剑,卖出
  • Response
    dea Moonrock Yeezy 350 Boost th before him. You're not beggars, do not keep this unreasonable rules. 'Hong Qig Yeezy Boost 350 For Sale ong angrily:' a position of vulnerability, How Moonrock Yeezy 350 Boost is my generation Chivalry Road, act? 'Huang Rong choice but Yeezy Boost 350 For Sale to ...
  • Response
    Response: Wintel box
    wintel box
  • Response
    Response: 1
    superboy focus has been focused 1 on the player's clothing style,1, at the auditi 3 on,3, shoulder-length hair,3, beautiful coat,0, wearing high-heeled stockings false Liu Zhu,3, down under some excellent voice boys,0, firmly 3 occupied the important positi
  • Response
    . The Cheap Yeezy Boost 350 y are Cheap Yeezy Boost 350 considered i Turtle Dove Yeezy 350 Boost ncomplete characters, how Turtle Dove Yeezy 350 Boost learned the Yeezy 350 Boost Pirate Black Thomas and Berger because of Western? So Lv Wenzhou Yeezy Boost 350 Sun and Ding got help, ...
  • Response
    Response: 3
    clothing exported 12536 batch,1, goods is worth 299389600 dollar,3, grow re 1 spectively compared to the same period 14% and 12%,0, appeared the export bat 3 ch and exports year-on-year growth double gratifying situation. Since this year,3, Huzhou inspect 0 i
  • Response
    Response: Yung Mirr
    I found a great...
  • Response
    Response: Pa Dresel
    I found a great...
  • Response
    Response: Meghan Melquist
    I found a great...
  • Response
    Response: Domonique Planas
    I found a great...
  • Response
    Response: Tamar Truglia
    I found a great...
  • Response
    Response: Salvador Nowell
    I found a great...
  • Response
    I found a great...
  • Response
    I found a great...
  • Response
    Response: Milo Mabbott
    I found a great...
  • Response
    Response: Kaycee Click
    I found a great...
  • Response
    Response: Latanya Kroells
    I found a great...
  • Response
    Response: Reyes Betzler
    I found a great...
  • Response
    Response: Vincent Murtagh
    I found a great...
  • Response
    Response: Guy Lockheart
    I found a great...
  • Response
    Response: Erlene Boie
    I found a great...
  • Response
    Response: air jordan 3
    she really perfect. nike mens roshe run Perfect behind Babe Paley,nike womens nike huarache mens roshe run, the circle and the fashion circle goddess,womens nike huarache, but dark moment. Time after time,nike huarache black and white, p nike huarache black and white ersonal ambition and her husband expected her to a ...
  • Response
    Response: mikeharpster
  • Response
    Response: apply pr
    I found a great...
  • Response
    Response: for pc
  • Response
    火鸟现在身体中的凤凰血脉应该在这次涅槃重生后觉醒的更多了,现在只看那身子居然已经隐约有点那火凤凰的神韵,parajumpers norge salg。 鸣,parajumper ugo! 高亢的声音有种傲气一般,那是可以令百鸟臣服的鸟鸣声,parajumper ugo,在空中盘旋了几圈然后向着青水飞去。 青水开心的腾身而起,然后落在宽大异常的火鸟背上,那一刻感觉一种说不出的感觉油然而生。 这是一种自信,也有是得到强大助力的感觉! 缓缓落在地上,此时青家其他人都出来了
  • Response
    Response: parajumpers jakke
    “青水?” 澹台凌颜轻轻的说道,似乎她也不怎么认识青水一样,parajumper ugo norge。 青水笑了,笑得很苦涩,叹口气:“我感觉再次回到追你的时候,每次追到你都发现依旧距离你还有一段不小的距离。” 澹台凌颜没有笑,就是看着青水,这一次她突破了,却是发现心里还真有个淡淡的影子,熟悉向往,似乎很熟悉,那是一种不曾有的感觉,现在看到青水才知道那个影子就是他,parajumper juliet norge,也是这个原因之前才会疑惑的喊出青水的名字。 “你找我是不是因
  • Response
    Response: Royce Kolden
    I found a great...
  • Response
    I found a great...
  • Response
    Response: Nike Free Shoes
    , establish the ribbon industry technology traini Cheap Jordan 13 ng network; four,Cheap Jordan 13, additional transactions,jordan jordans for cheap s for cheap, as well as professional ribbon industry website,Discount Nike Air Max, strengthen trade exchanges and cooperation. Close th Discount Nike Air Max e
  • Response
    Response: videos
    I found a great...
  • Response
    Response: web design usa
    I found a great...
  • Response
    Response: gadgets shop
    I found a great...
  • Response
    Response: online electronics
    I found a great...
  • Response
    Response: celebrity update
    I found a great...
  • Response
    Response: search employment
    I found a great...
  • Response
    Response: health science
    I found a great...
  • Response
    Response: relationship tips
    I found a great...
  • Response
    Response: career works
    I found a great...
  • Response
    Response: security tips
    I found a great...
  • Response
    Response: site resource
    I found a great...
  • Response
    I found a great...
  • Response
    Response: the music reviews
    I found a great...
  • Response
    I found a great...
  • Response
    I found a great...
  • Response
    Response: home repairs
    I found a great...
  • Response
    Response: site resource
    I found a great...
  • Response
    Response: any blog
    I found a great...
  • Response
    Response: blog resource
    I found a great...
  • Response
    I found a great...
  • Response
    Response: buy new car
    I found a great...
  • Response
    Response: business tips
    I found a great...
  • Response
    Response: online gift
    I found a great...
  • Response
    Response: toys adult
    I found a great...
  • Response
    Response: hair fashion
    I found a great...
  • Response
    Response: china food
    I found a great...
  • Response
    I found a great...
  • Response
    I found a great...
  • Response
    I found a great...
  • Response
    Response: health beauty
    I found a great...
  • Response
    Response: sell animal
    I found a great...
  • Response
    Response: online shopping
    I found a great...
  • Response
    Response: public service
    I found a great...
  • Response
    I found a great...
  • Response
    Response: sell pets
    I found a great...
  • Response
    Response: military events
    I found a great...
  • Response
    Response: business service
    I found a great...
  • Response
    Response: invention patent
    I found a great...
  • Response
    Response: Marcelina Millet
    I found a great...
  • Response
    Response: many blogs
    I found a great...
  • Response
    I found a great...
  • Response
    Response: Frederick Mikez
    I found a great...
  • Response
    Response: Nike Huarache
    requirements to carry out inspection servi adidas superstar shoes ce laboratory clothing company. In March 22nd from the city C Air Huarache Shoes onsumer Protection Committee was informed that,adidas superstar shoes, this city supermarket sales of socks product sampling rate up to 70%,Air Nike Air Huarache H
  • Response
    Response: vargaimages
    April 13t ibmrt h Wednesday at six fifteen,ib cityhallpoll mrt Recommendation: take the road of Peng Peng Road guest take weekend Dan Newark Biot,cityhallpoll, various events take 4 ericmorecambetribute winning streaks,ericmorecambetribute, dish road win. The team group ...
  • Response
    Response: dsgroupaz
    April 10th Sunday 23 when the weathe finservteam r: sunny, 8-18 C puregiene a person of East Vera rank: 16 points: 34 rank: 9 points: 39 Newcastle Time: 2 referral is greater than the 1 ball ...
  • Response
    Response: Chet Bantin
    I found a great...
  • Response
    Response: Tomi Vanpatton
    I found a great...
  • Response
    Response: Juan Halderman
    I found a great...
  • Response
    Response: Gale Dieng
    I found a great...
  • Response
    Response: NIKE AIR VIBENNA
    M shop nike air force while long queues,nike air force, scene m NIKE ZOOM ALL OUT LOW arket shake,NIKE ZOOM ALL OUT LOW, it seems faster fashion charm not langdexuming. H ADIDAS NMD CS2 PK &M is now open three months before the new period has not had,ADIDAS NMD CS2 PK, ...
  • Response
    Response: instagram trading
  • Response
  • Response
  • Response
    Response: appeal lawyers
  • Response
  • Response
    American lifeguard Events
  • Response
    Response: Puravankara Pune
    Puravankara Mundhwa Pune offers premium residential apartments with modern amenities, landscaped gardens and 24/7 security. Situated in a prime location, it ensures excellent connectivity to key areas, providing residents a luxurious and convenient lifestyle.

Reader Comments (13)

digital marketing agency and SEO services
December 16, 2015 | Unregistered Commenterkrona
Wrong management, need a new leader
February 3, 2016 | Unregistered Commenterforwarder Jakarta
Melissa Hyde It's definitely a great bodybuilding supplement as well, since it acts as a fast fat burner, which bodybuilders especially look for in many of their nutritional supplements. As for brands, we tend to recommend the Elite Forskolin brand which can be purchased here.
March 22, 2016 | Unregistered CommenterForskolin Extract
Have you considered updating the theme of your blog. It's a bit outdated, and I think you could improve on your layout with a premium wordpress theme. No offense intended, just my observation. http://www.forskolinextracttrial.com
March 22, 2016 | Unregistered CommenterMy Forskolin
we must know about rak minimarket first to all :)
June 8, 2016 | Unregistered CommenterMiniMarkertak
Cara menggugurkan kandungan dari usia 1 2 3 4 5 6 7 8 BULAN paling aman bagi kesehatan wanita / pasangan anda untuk melakukan pengguguran kandungan (aborsi) sendiri sampai dengan usia kehamilan ke- 1 – 30 minggu adalah dengan cara aborsi memakai cara menggugurkan kandungan secara tradisional dan alami yaitu menggunakan cara menggugurkan kandungan dengan nanas, cara menggugurkan kandungan dengan kunyit, dan Menggugurkan kandungan dengan OBAT ABORSI / Aborsi Medis.
July 24, 2016 | Unregistered Commenterkayyi
love to read this
November 18, 2016 | Unregistered Commentergaming chair hub
hi nice and amazing blog. I really appreciate you on good work. When i visit then feel very happy.
April 23, 2017 | Unregistered CommenterReflector 9 License Key
Hi. this is http://informationthehealth.net/forskolin-free-trial/free trial nice workout on this infographic post. and you the unemployment is also a major reason for suicides
September 17, 2017 | Unregistered Commenterforskolin free trial
I really appreciate you on good work. When i visit then feel very happy. Visit my site: https://cpapros.ca/
Accountant for lawyers


https://cpapros.ca/services-for-professional-corporations/

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
All HTML will be escaped. Hyperlinks will be created for URLs automatically.