Professor Michael Burda, from Berlin’s Humbolt University, said the eurozone’s core problem is Germany’s current account surplus
Photo: AP By Ambrose Evans-Pritchard, in Berlin
The eurozone debt crisis is deepening and threatens to re-erupt on a larger scale when the liquidity cycle turns, a leading panel of economists warned in a clash of views with German officials in Berlin. “Debts above 130pc of GDP for Italy and 170pc for Greece are a recipe for disaster once we go into the next downturn,” said Professor Charles Wyplosz, from Geneva University.
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