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In the absence of nominal growth, any CA deficit is unsustainable.

A tall claim. Do you really think a CA deficit of 1.0% gdp is unsustainable?

Germany e. g. did run a small CA deficit for most of the second half of the 20th century. That did include years without growth. Wasn't really unsustainable.

Perhaps more to the point Italy has now run a small CA deficit and very low growth for twenty years. After twenty years can you really still say unsustainable?  

by IM on Wed Sep 7th, 2011 at 09:05:36 AM EST
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