Could Greece take advantage of a devaluation?

Anxiety about Grexit may have subsided but the underlying issues have not changed. Greece still needs a weaker currency. The well-worn argument that Greece would not be able to take advantage of a weaker currency because it is a fairly closed economy has been wheeled out repeatedly in recent months. We disagree: following a devaluation, many exports, especially tourism, could thrive. And in the long run, it would also encourage households and firms to buy domestically-produced goods.