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There is a difference between 10.00% and 2.86 or 1.79%.

But the Greek CA deficit was not 10 % of GDP when Greece was attacked. It is 10 % of GDP after the ECB-led Troika has destroyed the Greek domestic economy (and thereby cratered GDP) and imposed usurious interest rates on its foreign debts.

You are using a snapshot of different points in the business cycle to say something about the relative magnitude of structural variables. That's nonsense. If you want to make structural arguments (which you implicitly are here) then you need to look at cycle-averaged variables.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Sep 7th, 2011 at 04:11:47 PM EST
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