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The president of the Ifo Institute in Munich, Dr. Hans-Werner Sinn, shows a chart that refers to current account balances relative to GDP for the period 2005-2010. Current account balance is the sum of net exports of goods, services, net income, and net current transfers. According to the chart, Greece, seen at the bottom of the list of EU countries, is one of the countries of the crisis that has a “trade deficit” as its imports exceed exports. The country’s account balance (% of GDP) during for the period 2005-2010 was recorded at $–11.7 billion. In other words, Greece is currently not a productive country.
Posted On 02 Aug 2012
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