Consider a firm with a healthy cash flow but very low profits—because, for example, of high depreciation allowances. Your boss argues that such a firm should probably borrow in a strong (low-interest)...

Consider a firm with a healthy cash flow but very low profits—because, for example, of high depreciation allowances. Your boss argues that such a firm should probably borrow in a strong (low-interest) currency, because the high-tax shield from weak-currency loans is more likely   to be lost than the low tax shield from strong-currency loans. Is this analysis accurate?