<blockquote>'..the countries in crisis are becoming more competitive, based on two key indicators.
According to the study, unit labor costs have fallen significantly in Greece, Ireland and Spain. Labor costs particularly fell in Greece, dropping by about 15 percent since 2010, according to the study.
Deficits in national current accounts -- the difference between the value of exports and imports of goods and services -- are also shrinking in most countries. The report revealed that Greece reduced its current account deficit by 54 percent between 2008 and 2011. The country's exports have regained the level they had in 2007, even though the Greek economy has contracted by 27 percent since then.
Spain and Portugal cut their current account deficits by 50 and 40 percent, respectively, between 2008 and 2011, according to the study. Italy managed to reduce its trade deficit to almost zero in the first half of this year as a result of rising exports and falling imports.'
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Hope in the Euro Zone, Augst 29, 2012</blockquote>
Context<blockquote>
'..avoiding a “secondary depression,” or for preventing the severity of one..' - Jesús Huerta de Soto
(During the reorganization) - Trade: Greece, Turkey, Egypt, Italy