The mechanics of internal devaluation – as it happens
Posted on 05 March 2010
A long time back we looked at ‘internal devaluation’ and particularly how it was being imposed on Latvia. (Click on – Internal devaluation defined – to view the original post). I thought the craze might catch on – but the struggling developed world would prefer to take a less obviously painful path. Having said that it did make our list of the Top 5 Financial Cliches for 2009 (you can find that here).
So wanted to file for posterity how Latvia’s internal devaluation is working out – A Fistful of Euro’s once again with their deerstalker and magnifying glass summarise the current state of affairs superbly (click here to read there analysis).
I suspect this playbook will be used again.
One final note – ‘internal devaluation’ is still to make its mark in the Google Trends Hall of Fame.
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