• Ronald Janssen, Falling Wage Costs: Europe’s Light at the End of the Tunnel?:
'So what about Spain and Portugal? For these countries, the graph above does show a revival of exports after the 2009 crisis and even a substantial one. Export revival, however, is not enough to prevent the collapse in domestic demand that accompanies the cuts in public budgets and in real wages. The net outcome of these two conflicting powers (export revival/domestic demand contraction) is still recessionary. This is also why business investment is not picking up and is even going down in Greece and Portugal (see second graph), and this despite rising profit rates. Greece is again the dismal champion with profits as a share of GDP (12%) being three times higher as business investment (4% of GDP).'
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