The extent to which we are likely to see a strong appreciation of the euro will depend on the pace of normalisation in the euro area relative to the pace of normalisation in other countries. The fact that around half of Greek exports are to non-euro area countries does imply that the exchange rate matters.
I am particularly attracted to his dismissal of the more ambitious reform proposals, including those sponsored by some G7 governments, as unworthy of much discussion simply because “They have not a snowball’s chance in hell of being implemented.