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A primary deficit which financed import orders for the German export industries.

As long as Germany wants to keep running a current accounts surplus against Greece, it needs to be willing to pony up the money to finance that surplus, or allow Greece to print that money itself. Insisting that Greece pays for the German current accounts surplus is an exercise in futility. (Also in arbitrary cruelty to Greek society. But we seem to have established that the German version of European solidarity ends when it starts costing money, so that probably doesn't count.)

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Feb 18th, 2012 at 10:53:39 AM EST
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