Has internal devaluation really helped Greek exports?

Economy
Photo by Harry van Versendaal
Photo by Harry van Versendaal

The performance of Greece’s exports has been one of the main disappointments of the troika-led program. One of the pillars of Greece’s adjustment was meant to be internal devaluation, which through a number of reforms that would stimulate growth, absorb the collapse of domestic demand and re-direct production and capital to tradable goods.

In the report it handed to the Greek government earlier this week, the OECD takes a detailed look at the performance of Greek exports and highlights a number of factors that are holding back their growth. Many of these elements are related to the polici...

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