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Five years ago, the answer to that question was unambiguously "yes."

Today... I'm not so sure.

Increased exports to Germany supposes the existence of export industries in the periphery, which in turn supposes the existence of industry in the periphery. And Germany has been busy spending the last four to five years making damn sure that there's nothing resembling a functioning industrial state anywhere in the Mediterranean drainage basin.

It may well require substantial German reparations to get to the point where German import demand can drive an industrialization of the periphery's industry.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Dec 2nd, 2013 at 02:43:26 PM EST
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