ATHENS (Reuters) – Greece’s current account deficit narrowed by close to a fifth in March, data showed on Wednesday, reflecting a sharp drop in imports as the country’s austerity-hit consumers tighten their belts. The deficit dropped 17.3 percent to 2.13 billion euros ($ 2.69 billion) compared with March 2011, the Bank of Greece said. The country’s high current account gap, which eased to 9.8 percent of gross domestic product last year from 10.5 percent in 2010, reflects eroded economic competitiveness, partly the result of years of wage increases above productivity. “The pace of narrowing … …
Politics News Headlines – Yahoo! News