Germany will be able to export much more than it otherwise would, since its currency — the euro — is undervalued as a German currency. It also means Greece will have much more trouble exporting than it otherwise would, since its currency — the euro — is overvalued as a Greek currency. So Germany will tend to rack up huge trade surpluses, and Greece will tend correspondingly to incur deficits and debts — all thanks to the nature of their shared currency in relation to their very different economies.
Back in the USSR
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I’ve just finished reading two books on Russia, well, actually the old
USSR, set 30 years apart — one in the 1960s, and the other in the 1990s
when the USS...
4 years ago
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