I think Greece could have taken a lesson from this too - in my view they would have been better off allowing their currency to devalue and just write off their debts. But they are probably past the point of no return now in terms of being able to do that.
Seems you got this the wrong way around.
Unless by dollar you meant "whatever their local currency is called ... which for me happens to be dollar ... so I will just call everybody's currency a dollar"
But isn't tourism a huge part of their economy... i.e. foreign tourists bringing in foreign currency which would be great when the local currency is low?
Which is not totally surprising since it's this imbalance of trade that resulted in them running up their massive 'credit card' bill in the first place.
Indeed. Unfortunately the Greece public valued the Euro too much to tell the ECB to f' off. Now their economy is entering serious depression territory with none of the devaluation benefits.
