1) Troika? Ez aipatu arren!(2)4
“… is a common claim…That the currency will depreciate so much it will wipe out any real prosperity as a result of the devalued savings (expressed in drachma).
It have considered the claim that a new Greek currency would significantly depreciate against the euro once issued previously.”
Alta, hona Mitchell-en hitzak:
“Why would that happen? Foreign exchange parities are determined by supply and demand.
Who would be issuing the new Drachma? Answer: Only one institution – the Greek government via the central bank.
What is the current volume (supply) of new Drachma in the foreign exchange markets? Answer: zero – it doesn’t exist.
If the Greek government restricted its supply but were able to require people to demand it – to pay taxes etc – then why would the currency depreciate violently in the period after issue?5”
2) Bill Mitchell Finantza Ministro(a)z ari6 (2015ean)
“Their decision only reinforces my view that the Greek government should bail out of the bailout, exit the Eurozone, redenominate the outstanding public euro liabilities to its own advantage in its own currency, ensure the Bank of Greece (central bank) can maintain financial stability (keeps its banking system liquid) and flip the rest of them the ‘bird’ as they implement a national Job Guarantee program.”
4 Ikus Troika? Ez aipatu, arren (2): https://www.unibertsitatea.net/blogak/heterodoxia/2015/02/27/troika-ez-aipatu-arren-2/.
5 Hauxe gaineratuz: “You are thinking (like most people) of an existing tradable currency that is unpegged or something like that. Then the depreciation can be sudden because there is a lot of supply. A significant exchange rate depreciation of the new drachma in the short-term given the fact that supply would be limited. The examples often used, such as Iceland and Argentina, all relate to currencies that were already supplied in volumes to the foreign exchange markets.”