And these countries managed the transition to manufacturing economies mostly without major devaluations.

The last major devaluation came in 1987.

"I am as convinced as I can be that the risk of an overnight major devaluation is extremely small," he said.

A major devaluation of the lempira added to the already high cost of construction imports.

Analysts are split over the possibility of a major devaluation of the peso.

He did not expect to see a major devaluation of the drachma in the near future.

Nicaragua's President began an economic stabilization program based on a major devaluation of the currency.

The biggest threat to the market is a major devaluation of the peso.

This could force a major devaluation, spreading losses far and wide.

In the minds of Brazilians, a major devaluation would signal a return to hyperinflation.