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Yes, that's certainly an implication applicable to Greece and its relationship with the EU.  But what Mahathir actually says here is that they didn't maintain a fixed currency. Rather, that they devalued it:

Even Malaysia had to accept being poorer when we fixed the exchange rate at RM3.80 to US$1 from RM2.50 before the crisis. Our GDP and per capita income were lowered in US dollar terms.

By Mahathir's own recollection, it's not the fixed part that allowed Malaysia to cure itself without IMF austerity.  It's the fact that it retained it's own monetary policy, which Greece doesn't have anymore, like Krugman keeps saying.

by santiago on Wed May 26th, 2010 at 03:23:33 PM EST
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