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ANALYSIS

This article was originally published in Foodnews

The falling euro can only make Greek products more competitive. A year ago, one US dollar bought 68 euro cents. Now it buys 77 cents. If/when Greece reverts to the drachma, though, it will provide frightening competition for purée suppliers in South Africa and Latin America. Greece will still have to pay international market prices for its steel drums and its energy, but its labour costs will tumble drastically. A Chilean source said to FOODNEWS , philosophically: “We had this with Argentina when Argentina went bankrupt. We were unable to compete against Argentina for at least two years, and this will be the same. But Greece’s economy will recover….”

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