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Governments have collapsed and bailouts have run into the hundreds of billions of euros, and still the eurozone crisis builds. How did we get here?
Part of Europe's problem is that today few of the countries have major export bases. Germany remains an export-based economy, but that is not the case in most of the eurozone. A key question when looking at the eurozone, says Kirkegaard, is “Does this country have anything that the world wants to buy?” In many cases, the answer is, "Not much."
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