According to Business Week, there’s a school of thought that Greece is destined for so much financial pain that it would be better off outside the euro system. The secessionists’ reasoning goes like this: Suppose Greece somehow resolves its short-term debt problems through default or other means and brings its budget deficits under control. It will still have a crippling lack of competitiveness. Labor costs in Greece have risen much faster than in Germany and the rest of the euro core, making its exports expensive and imports cheap. The result is chronic trade deficits, which must be financed through continued borrowing.
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