Ugly European facts.

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"Just after Greece joined the European Union in 1981, it was just a little more efficient than Ireland. Over the next thirty years, though, Ireland's productivity soared to match Germany's while Greece's trajectory was more like that of Turkey, a neighbor that didn't join the EU."

--Bloomberg

"Germany's unit labor costs have fallen 19.5 percent, relative to its trading partners, since the end of 1998--leaving the rest of the eurozone in the dust."

--Alan Blinder, Wall Street Journal

"In...

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