I read an article from Reuters pointing out the increased threat to long-term growth and jobs in Greece, based upon the current account gap and data released by the Bank of Greece. Some interesting points:
- The current account deficit soared 31 percent to 23.8 billion euros ($34.2 billion) in the 10-month period (highest in the Eurozone as a proportion of national output).
- For 2007, the account gap is expected to be above 12 percent of GDP (currently the largest in the Eurozone).
- Net private and public sector debt owed abroad grew to 92.2 percent of GDP last year from 51 percent in 2001.
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