Rewards of austerity: As a consequence of economic contraction and falling imports in the troubled Eurozone countries, their foreign trade deficits are falling.
In the third quarter the five known as the PIIGS together recorded the first surplus since 1999.
The improving trade balance of the Eurozone as a whole explains the recent strength of the euro in terms of other major currencies.
CopyRight – OnTarget 2013 by Martin Spring
Speak Your Mind