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Half the European countries had budget surpluses at the top of the boom, which is quite good.

Clearly not large enough surpluses to prevent them breaching the 3% deficit limit when the recession came, or the 60% debt-to-GDP limit.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Fri Feb 12th, 2010 at 03:04:54 PM EST
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