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As for Greece

Greece needs real devaluation, the increase of tradable-good price relative to non-tradable-good price, in order to recover trade balance.  Exchange rate depreciation does it, sometimes up to 25% and more.  I'm skeptical that deflation can take over the role.  The deflation of 25%?  How long does it take?  Certainly, the Euro itself has devalued.  But, it was not enough, as Greek current balance still is in red.

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