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Law and Public Policy


Euro-Free Greece: Hyper-Inflation, Shrinking Real Wages and Demand, and Unemployment

University of Michigan

A Euro-free Greece looks more likely to be quickly engulfed by a vicious spiral of a rapidly depreciating new-drachma, hyper-inflation, shrinking real wages and demand, and unemployment; drachma depreciation and hyper-inflation would certainly benefit Greek debtors (in so far as the Greek government unilaterally converted its Euro liabilities in the new drachma at convenient terms): debasing the currency to wipe out debts is after all one of the oldest tricks in a government's sleeves.

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7-Jul-2015 3:05 PM EDT
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