Because the drachma does not exist anymore, it cannot be devalued.

The dollar was devalued against the Japanese currency from 360 yen to 308 yen.

Three days later, the ruble was devalued, and Russian financial markets went into a tailspin.

But financial markets around the world started convulsing late last month after China devalued its currency.

But this claim will be devalued if the so far successful international interventions in Bosnia or Kosovo end in tragedy.

I grew up under repressive military governments that devalued education, so that sometimes my parents were not paid their salaries.

And China had abruptly devalued the renminbi, potentially contributing to lower import prices and therefore lower inflation for the US.

A devalued currency would increase exports and would cause Greek households and firms to substitute domestic products for imported goods.

Shortly after, the won was devalued to almost half of its value, as part of the East Asian financial crisis.

A simple, effective way to buy time would be to abandon the euro and restore competitiveness through a devalued national currency.

(If it devalued the exchange rate, creditors holding Argentine debt denominated in pesos would receive a smaller amount in terms of US dollars).

No longer can the lira be devalued to favor Italian exports to the detriment of the French, followed by a French reaction, etc.

As though all of this were not bad enough, the CFA franc's exchange rate, which had remained unchanged since 1948, was devalued by 50 in 1994.

In the fashion of old PRI governments, Mexico's currency has been devalued considerably against the U.S. dollar, reducing the purchasing power of the Mexican middle class.

And, if the Greek and Italian economies face difficult recoveries inside the eurozone, consider how hard it would be to repay euro denominated debts with devalued drachmas or liras.

Brazilian President Dilma Rousseff s government, which began its term this year with an understanding that economic growth will slow sharply, devalued the real in order to shore up the country s competitiveness.

The only foreseeable benefit to be gained through a devaluation is a reduction in uncertainty as an end will be put to the rampant speculation on when the RMB will be devalued.

Then, the inevitable boomerang occurred a bitter combination of shocks shattered Argentina's growth Brazil devalued its currency, the Real, by around 50 the cost of raw materials, prime Argentine exports, fell sharply.

Then, the inevitable boomerang occurred a bitter combination of shocks shattered Argentina's growth Brazil devalued its currency, the Real, by around 50 the cost of raw materials, prime Argentine exports, fell sharply.

If an EMU country defaults, it will come under intense pressure to leave the Euro in order to regain control of its currency and pay at least its domestic liabilities in devalued national paper.

If Greece still had its own currency, the authorities could devalue it while tightening fiscal policy. A devalued currency would increase exports and would cause Greek households and firms to substitute domestic products for imported goods.

This could lead to a collapse in confidence, triggering financial upheaval and, in turn, forcing the country to seek a third bailout one that would require Greece to leave the eurozone and introduce a new, devalued currency.

Since January 2014 the Russian ruble has devalued 47 against the Kazakh tenge and a similar amount against the dollar as Western sanctions and then falling crude prices left the republic's larger neighbour on an economic precipice.

Lacking access to basic economic tools such as exchange rate and monetary policies, Argentina could not surmount the profound external shocks of the second half of the 1990s, when export prices fell, the US dollar appreciated, and Brazil, the country's main trading partner, devalued its currency. The only alternative was severe fiscal austerity, for which the government never mustered the political will.