The Asian Crisis Versus The Euro Crisis

[specuvestor]

I guess his main point is Indonesia can devalue (naturally or whatever) RupiaH but Greece can't.
So to be competitive, Greece has to devalue the wages (which is tougher to do).

Correct. When everybody pays the inflation bill it is much easier than cutting wages of segments of population. The tragedy of the commons

There is a price to pay for giving up monetary policy or currency sovereignty. HK is a good example in our region through the decades but it is much more robust because it is currency Board and not soft peg. And there is a BIG difference between say pegging to USD and dollarised, though academics don't see the difference. If Indonesia was dollarised instead of pegging to USD at ~2400-2500 in 97, things would turn out very different. That's why first step to Eurozone is always to have fixed exchange rate mechanism so there can be exit strategy like the GBP.

Frankly I think the Greeks had it at least twice as bad as we did in 98.