PIIGS or Powerhouses?

In an interview last month, Kerr Neilson commented on the fact that each and every one of Europe’s periphery countries is currently running a current account surplus. The current account, for those wise enough to have skipped economics classes, is the sum of the balance of trade (exports minus imports), factor income (earnings on foreign investments minus payments made to foreign investors) and cash transfers. I don’t know whether that means that these economies are genuinely healing themselves, or are so battered by austerity and unemployment that imports just aren’t an option. The export data out of Spain, where real...

In an interview last month, Kerr Neilson commented on the fact that each and every one of Europe’s periphery countries is currently running a current account surplus. The current account, for those wise enough to have skipped economics classes, is the sum of the balance of trade (exports minus imports), factor income (earnings on foreign investments minus payments made to foreign investors) and cash transfers.

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