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It appears that Spanish wages only increased enough to offset the increases in the cost of living. The workers didn't get any richer. The problem is the general level of inflation that was significantly higher than that in the rest of the EMU area. It has resulted in an imbalance which is working to the disadvantage of Spain.
by Richard Lyon (rllyon@gmail.com) on Thu Feb 18th, 2010 at 10:22:09 AM EST
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