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Free exchange A question of balance

机译:自由交换平衡问题

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GREECE'S third bail-out programme came to an end on August 20th. A look at the causes of the country's near-decade of crisis illustrates how external imbalances can reflect underlying troubles. Gaps in public finances, as well as investments in property, were financed by borrowing from Germany and other northern European countries. Wages and costs were pushed up, making exports less competitive-within the euro zone, there can be no currency devaluation-and further widening Greece's cur-rent-account deficit. When foreign lending seized up, the government needed bailing out and the banks crumbled. Portugal (chiefly because of its public finances), Spain and Ireland (blame private-sector housing bubbles) have similar tales to tell.
机译:希腊的第三个纾困计划于8月20日结束。看一看该国近十年来的危机原因,可以看出外部失衡如何反映潜在的麻烦。公共财政缺口以及房地产投资是通过从德国和其他北欧国家借贷来筹集资金的。工资和成本被推高,使出口竞争力下降-在欧元区之内,不可能出现货币贬值-并进一步扩大希腊当前的账户赤字。当外国贷款被抢占时,政府需要纾困,银行崩溃了。葡萄牙(主要是由于其公共财政),西班牙和爱尔兰(怪怪私营部门的房地产泡沫)也有类似的故事。

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    《The economist》 |2018年第9106期|58-58|共1页
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