But that is logically flawed: even with deflation, real purchasing power would fall, and the real value of debts would rise (debt deflation), as the real depreciation occurs. More importantly, the exit path would restore growth right away, via nominal and real depreciation, avoiding a decade-long depression.
有观点认为，若退出欧元区，希腊实际GDP将远低于承受通缩痛苦的情形。但这在逻辑上是不成立的：随着实际贬值的发生，即使通缩了，实际购买力也会想将，而债务的实际价值会升高（债务通缩）。更重要的是，退出能通过名义和实际贬值马上重塑增长，避免长达十年的萧条。而德拉克马给欧元区带来的贸易损失也不会很大，因为希腊GDP只占欧元区总量的2%。