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Aeroflot gets questionable receivables, which, if paid at all, get paid in depreciated currency.
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Through a system of subsidies and artificially depreciated currency, Kirchner managed to take advantage of favorable global tailwinds.
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Inflation also amounted to the first redistributionist policies, effectively stealing from creditors to favor debtors, who could pay back their debts in depreciated currency.
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In effect, argues Thomas Mayer, an adviser to Deutsche Bank, Greece could create its own parallel and depreciated currency while still remaining in the monetary union.
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The currency has depreciated against the dollar and the euro.
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Stable money promotes investment because investors are assured that the value of their investment will not be depreciated by inflation or a declining currency.
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