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In the Eurozone as a whole, there are five surplus sinks: Germany, the Netherlands, Austria, Luxembourg and Finland.

The rest are surplus sources, and the external account is balanced.

Therefore, any surplus generated by the deficit countries will eventually find its way to the five surplus sinks.

Germany is larger than the other four by a factor of what? Four? Five? Something like that, anyway.

The fact that the Greek sovereign primary deficit passed through Italy before ending up at Siemens and Rheinmetall AG is of no consequence to the conclusion that it did, in fact, end up there.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Feb 19th, 2012 at 05:37:14 PM EST
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