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They all think the remedy for their ailing manufacturing companies is a swift devaluation.
But most concede that the transfer of funds in itself is unlikely to lead to a swift devaluation or to higher inflation.
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Like Greece, the other four bail-out countries would gain from the swift improvement in competitiveness that currency devaluations would achieve, provided credible policies were pursued to ensure it was not frittered away in runaway inflation.
That would mean a swift reintroduction of the Greek drachma, and, almost certainly, an instant and dramatic devaluation of the new currency.
"Sure, there was devaluation.
Devaluation of the franc.
This isn't devaluation.
It's called devaluation.
Swift, Jonathan.
Meanwhile, devaluation would fuel inflation.
"Devaluation would be unimaginable chaos.
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