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Has internal devaluation really helped Greek exports?
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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