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Its debts would have devalued.
If peripheral countries simply had fixed exchange rates, rather than a common currency, they could and almost certainly would have devalued their currencies long before now.
Absent the euro, many of the countries probably would have devalued their national currencies, but that is not possible as long as they remain in the euro zone.
In former times, Spain would have devalued the peseta to regain competitiveness; now it is obliged by the constraints of the euro to tackle its fundamental problems — a painful but necessary process.
"I had to pay more for it than it was worth, but if that building had remained and continued to be an eyesore, it would have devalued my property and the buildings I was putting in," Mr. Gebbie said.
Buzzfeed's editor, Ben Smith, is a credible journalist who now works in the middle of a random content stew, that, in another world, would have devalued his skills and undermined his career potential.
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It would've devalued their property immensely.
But now their voters are being asked to pay the price in terms of substantial austerity; in the old days, the Greeks would simply have devalued.
Had Budovsky done this, it would have radically devalued the wealth that everyone else had in Liberty Reserves.
It would have been better if all countries had devalued against gold at the same time, allowing a looser global monetary policy much earlier.
Magistrates heard the waste had devalued the farm by £1.5m and clearing it would cost about £500,000.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com