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A good chunk of it - certainly in the Irish case - was spent buying up property across Europe. German banks funding the purchase of French assets via Irish "owners", for example.
by Colman (colman at eurotrib.com) on Wed Jun 20th, 2012 at 09:24:42 AM EST
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But the boom in the periphery was certainly good for German exports.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Jun 20th, 2012 at 11:04:36 AM EST
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