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A comment on So long, euro?. Parent comment
While China may have pegged it's exchange rate to the U.S. , it has the power to decouple at any time to adjust to changing market conditions.
Greece (and soon Portugal, Spain, & Italy) don't have that ability. What can they do? - beg for a bailout or exit the EURO and devalue their currency.
I guess there is a third option - dramatically cut SPENDING and entitlements.
While China may have pegged it's exchange rate to the U.S. , it has the power to decouple at any time to adjust to changing market conditions.
Greece (and soon Portugal, Spain, & Italy) don't have that ability. What can they do? - beg for a bailout or exit the EURO and devalue their currency.
I guess there is a third option - dramatically cut SPENDING and entitlements.