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Wiener Zeitung - Austria | Tuesday, August 18, 2015

German export surplus endangers Europe

In the first half of 2015 the European countries generated an export surplus of 115 billion euros - more than three-quarters of that in Germany, according to figures put out by Eurostat. This will have disastrous repercussions for Europe, the state-run daily Wiener Zeitung fears: "Germany is like a sponge sucking up capital that has to be 'generated' above all in Southern Europe through austerity programmes that drive many into poverty. A vicious circle that Germany too will eventually fall prey to. ... The Eurostat figures look good, but in fact they're worrying: a Germany that pushes its partners harder and harder against the wall while demanding that they do something to improve the situation. At the same time the unequal distribution of the flow of trade is worsening not only between North and South, but also between East and West. Exports to Russia fell by 32 percent because of the sanctions. The countries of Eastern Europe and Scandinavia feel the brunt of that far more than Germany."

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