...το ελληνικό ομόλογο και μια προσσέγιση, καθώς χώρες με πλεονάσματα τρεχουσών συναλλαγών πρέπει να ανακυκλώνουν τα χρήματα αυτά με κάποιο τρόπο.
New Greek bond says more about Germany than Greece
... Greece's bond issue reflects more on the state of Germany's economy than it does on Greece.
Germany last year ran a current account surplus of 201 billion euros, or 7.5 percent of GDP, and this year is forecast to run a surplus of 6.8 percent of GDP. Its trade surplus with the rest of the EU runs some 50 billion euros a year. It has to recycle that money somehow. I think the fact that Greece can issue bonds at all demonstrates the unbreakable links between a country's current account and its capital account. A country with a current account surplus has to run a capital account deficit; that is, it has to export capital.