'drastic devaluation' is a correct and usable phrase in written English.
You can use it to describe an event in which the value of something (such as a currency) decreases significantly. Example sentence: The country's economy was rocked by a drastic devaluation of its currency.
But rarely has an idol so widely revered suffered such a drastic devaluation in her own lifetime.
Euro-exit would at least come with the benefits of a drastic devaluation in the currency – a New Drachma, perhaps.
In 1975 he supported a drastic devaluation and a steep drop in real wages, whereupon inflation soared.
In July 1997, however, a crisis in Thailand's financial markets forced the government to institute a drastic devaluation of the Thai currency, the baht, which triggered a wider crisis that soon swept across most of East and Southeast Asia.
Drained by four years of recession, a default and a drastic devaluation of its peso, Argentina said last month that it could not meet its obligations to the World Bank, further complicating continuing negotiations with the International Monetary Fund to resume financial assistance.
"As a result of the drastic devaluation that occurred in the year leading up to dollarization, the price of our packages was reduced 15 to 20percentt," said Pablo Burbano, president of Metropolitan Touring, a leading travel agency in Quito, the Ecuadorean capital.
Some American and European companies are already being overrun by competition from Asian goods, made much cheaper by drastic devaluations.
And 20th-century criticism, influenced by the rise of a new school of poetry headed by T.S. Eliot (though Eliot himself was an admirer of Tennyson), proposed some drastic devaluations of his work.
Countless numbers lost their meagre savings during the drastic currency devaluation of 2009, and from 150,000 to 200,000 people are being held in labour camps and jails.
Furthermore, the real is not pegged to the dollar like the Mexican peso was before the drastic 50 percent devaluation in 1994.
Drastic solutions were advocated: devaluation, severe deflation, protectionism.
