First Greek CA Surplus In 20 Years

At its peak in 2008, the Greek current account balance had a deficit of  more than €35 billion, or 14.7% of GDP. By 2011 it had fallen to €20.7 billion or 9.9% of GDP and by 2012 Greece had a deficit of €5.6 billion or 2.9% of GDP. As the balance had improved by €6.2 billion in the January-July period, this means that for the first time since 1993, Greece has a current account surplus for the latest 12 month period.

That the Greeks finally ends their habit of living beyond their means is both welcome and necessary. Unfortunately, especially for themselves, they chose to do this the destructive way, by tanking their own economy through constant strikes, riots and whining. Had they instead chosen the more constructive path of trying to become more productive like the Irish and the Baltics did, they would have ended their imbalance and seen their economy recover, just like the Irish and the Baltics have.