German exporters were major beneficiaries of this growth. German banks and financial institutions helped finance the growth.
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in title, tags, annotations or urlPrudentBear - 0 views
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Exports have provided the majority of Germany’s growth in recent years. Germany is heavily reliant on a narrowly based industrial sector, focused on investment goods—automobiles, industrial machinery, chemicals, electronics and medical devices. These sectors make up a quarter of its GDP and the bulk of exports.
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Germany’s service sector is weak with lower productivity than comparable countries. While it argues that Greece should deregulate professions, many professions in Germany remain highly regulated. Trades and professions are regulated by complex technical rules and standards rooted in the medieval guild systems. Foreign entrants frequently find these rules difficult and expensive to navigate.
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The Eurozone's Narrowing Window by Ashoka Mody - Project Syndicate - 0 views
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Ireland’s authorities have conducted similar recent operations, exchanging short-maturity paper for longer-term debt.
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This strategy’s success presupposes that, in the interim, economic growth will strengthen the capacity to repay debt down the line.
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But growth prospects remain grim. The Portuguese economy is now expected to contract by 1% in 2013.
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Africa losing billions from fraud and tax avoidance | Global development | The Guardian - 0 views
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Africa losing billions from fraud and tax avoidance
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Africa is losing more than $50bn (£33bn) every year in illicit financial outflows as governments and multinational companies engage in fraudulent schemes aimed at avoiding tax payments to some of the world’s poorest countries, impeding development projects and denying poor people access to crucial services.
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African Union’s (AU) high-level panel on illicit financial flows and the UN economic commission for Africa (Uneca).
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Op-ed: The End of the Euro: A Survivor's Guide - 0 views
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Ms. Lagarde's empathy is wearing thin and this is unfortunate—particularly as the Greek failure mostly demonstrates how wrong a single currency is for Europe.
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The Greek backlash reflects the enormous pain and difficulty that comes with trying to arrange "internal devaluations" (a euphemism for big wage and spending cuts) in order to restore competitiveness and repay an excessive debt level.
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During the next stage of the crisis, Europe's electorate will be rudely awakened to the large financial risks which have been foisted upon them in failed attempts to keep the single currency alive. When Greece quits the euro, its government will default on approximately 121 billion euros of debt to official creditors and about 27 billion euros owed to the IMF.
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Wind Farms Take Root Out at Sea - NYTimes.com - 0 views
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“If you want to do wind on a big scale with power plants based on wind, you need to go offshore,
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Wind farms are no longer engineering experiments or small pilot schemes. They have grown very large, to the point where they are of the same scale as gas- or coal-fired power stations.
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Siemens figures there are about 3.3 gigawatts of offshore wind power connected to the grid in Europe. That is similar in size to a large contemporary nuclear power station.
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Europe's banking union: Till default do us part | The Economist - 0 views
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Almost a year ago, as the euro crisis raged, Europe’s leaders boldly pledged a union to break the dangerous link between indebted governments and ailing banking systems, where the troubles of one threatened to pull down the other.
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Almost everyone involved agrees that in theory a banking union ought to have three legs.
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a single supervisor
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Ukraine raises fears of gas price war with Russia - FT.com - 0 views
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He called upon the EU to pressure Slovakia’s gas transit pipeline operator into sanctioning so-called reverse gas transit flow schemes, allowing Ukraine, which relies heavily on Russian fuel imports, to diversify by importing European market gas.
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