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The Eurozone is running a balanced trade with RoW.

That means that the Greek deficit cannot end up in a sink outside the Eurozone. It. Is. Not. Possible.

As long as the Eurozone as a whole is running balanced foreign accounts, all Eurozone countries' aggregate deficits must end up as surpluses for other Eurozone countries.

This is not a difficult concept to grasp, so I really don't see why you continue this obtuse insistence that German surpluses are not the problem.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Feb 19th, 2012 at 06:47:53 PM EST
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