Higgins, Matthew, Klitgaard, Thomas, (2013), “Foreign Borrowing in the Euro Area Periphery: The End Is Near”, Federal Reserve of New York, 22 Μαΐου.
Current account deficits in euro area periphery countries have now largely disappeared. This represents a substantial adjustment. Only two years ago, deficits stood at nearly 10 percent of GDP in Greece and Portugal and 5 percent in Spain and Italy.