"[T]he Greek turmoil reflects a wider crisis of imbalances in the 16-nation eurozone, and everyone will have to make a contribution to bring this wider crisis under control. Specifically, Greece and a few other countries - notably, Portugal and Spain - have very big current account deficits, while Germany, Europe’s champion exporter and the the eurozone’s largest economy, tends to run big current account surpluses. The Greek deficit was a remarkable 12 per cent of gross domestic product in the third quarter of 2009, and Portugal’s stood at 10 per cent."
Monday, February 01, 2010
To fix the Greek crisis, deal with the eurozone’s imbalances | Brussels Blog | FT.com
To fix the Greek crisis, deal with the eurozone’s imbalances | Brussels Blog | FT.com
