In Ireland, Portugal and Spain, the IMF has left and at least the semblance of growth has returned. But Greece’s problems put it in a class of its ownThey used to be pejoratively labelled the “Pigs”: Portugal, Ireland, Greece and Spain, the “peripheral” countries carried into the eurozone on a wave of prosperity that were all forced to go cap in hand to their neighbours – and the International Monetary Fund – when the financial crash came.Yet while Greece’s plight has only worsened over the five years since it was first rescued, the other three bailed-out countries have managed to return to growth, and send the inspectors from the International Monetary Fund back to Washington.A lot of the Spanish story is a function of exports. In 2009-10, factories were relocating from eastern Europe to Spain Continue reading...
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