I agree with your description of the situation but on the other hand it can&#x27;t be the solution for an economy to engage in currency wars.<p>Greek labour SHOULD be priced lower than labour in the Netherlands, Germany, Austria or the UK because it is less productive.<p>Once its labour is priced correctly it should cause foreign investors to invest there, which would in turn increase productivity.<p>I think austerity is not the issue, the problem is that the EU forces Greece to take on larger credits and even larger credits after that instead of letting dysfunctional parts of the Greek economy go bankrupt.