Deficits fall in southern Europe. Progress?

Any deficit is a bad deficit, but Italy, Portugal, and Greece are taking bug strides in reducing their national debts.

|
Gregorio Borgia/AP/File
People walk past closed shops in downtown Rome earlier this month. Italy shrank its deficit by about two thirds in the past year.

Here are the first half current account balance numbers for the first half of this year for the main four Southern European euro area countries, with the balance for the first half of 2011 in ( ).

Italy : -€11.6 billion (-€35.9 billion)
Spain: -€17.1 billion (-€24.6 billion)
Greece: -€5.9 billion (-€13 billion)
Portugal: -€2.9 billion (-€7.8 billion)

As you can see, Italy and Portugal had the biggest improvements with their deficits falling by about two thirds while Greece saw its deficit fall by more than half too, Spain saw the smallest improvement, with its deficit falling by only about 30%. Given the current market mistrust of those countries, even a smaller deficit is too big, but at least it is moving in the right direction.

You've read  of  free articles. Subscribe to continue.
Real news can be honest, hopeful, credible, constructive.
The Christian Science Monitor was founded in 1908 to lift the standard of journalism and uplift humanity. We aim to “speak the truth in love.” Our goal is not to tell you what to think, but to give you the essential knowledge and understanding to come to your own intelligent conclusions. Join us in this mission by subscribing.
QR Code to Deficits fall in southern Europe. Progress?
Read this article in
https://www.csmonitor.com/Business/Stefan-Karlsson/2012/0831/Deficits-fall-in-southern-Europe.-Progress
QR Code to Subscription page
Start your subscription today
https://www.csmonitor.com/subscribe