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    Brian - they have a very small cyclical deficit having correctly balanced their current account during the growth phase of the cycle, the opposite to what Brown did.

    I did provide the figures and a graph in my blog a few weeks ago.

    They also, of course, have a strong manufacturing sector that has been able to cash in due to the Euro being pulled down by the weaker economies. The opposite effect by which the stronger economies have made things worse for the weaker economies like Greece by pushing the currency too high for them. All part of why the Euro is so structurally unstable.

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