Coats: Greece’s banking sector options
Warren Coats assesses the soundness of Greek banks and their future challenges
When the financial crisis that originated in the US struck in late 2008, Greece’s current account deficit – the counterpart to its large capital inflows – was a staggering 15% of its GDP. The sudden stop of these capital inflows required the elimination of Greece’s current account deficit, which within the common euro currency area, would require a fall in the prices of its exports and an increase in the relative cost of its imports sufficient for that purpose (internal devaluation). In a world
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