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Absolute Return Partners
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Niels C. Jensen njensen@arpllp.com tel. +44 20 8939 2901
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Strategic Economic Decisions, Profile, May 2010
Don’t believe the spin doctors when they tell you that Greece produced a deficit of only 12% last year. On a cash basis, which is the relevant measure, the deficit actually amounted to 16% of GDP.
As defined by George Magnus at UBS: “Sovereign Debt: A Structural Crisis and its Implications for Growth”, May 2010
Primary deficit is defined as the public deficit before the cost of borrowing.
Popular Delusions, Societe Generale, 27th May, 2010
Germany’s unit labour costs (a measure of global competitiveness) has risen by 20-25% less than most other eurozone members since the introduction of the euro.
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