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	Podcast:		Economics, Finance and Accounting and Control
	Episode:		(High) The Value of Devaluation
	Category:		Business
	Duration:
	Publish Date:		2012-03-09 01:00:00
	Description:		When everything was going well, the euro was of huge benefit to the peripheral countries such as Greece, Spain and Ireland, says Prof. Pedro Videla. But what we’ve lost is the option to devalue. Without that option, Spain has to cut salaries and create a more flexible labor market in order to be competitive. The fact is, Greece will not be able to pay its debt and will default, he says. “The real test of the euro will come when Greece is forced to leave it.”
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