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China’s rise isn’t squeezing Europe as much as you’d think

Some countries are hard-hit, like Portugal, Greece, and Italy in the case of textiles, but most countries actually come out ahead. So is rising Chinese productivity good? To quote Sam Shakusky, who’s to say? Portuguese workers certainly don’t seem to win from an increase in textile productivity. But most European workers actually come out ahead. What’s more, productivity growth will also almost certainly lead to rising wages in China, lifting hundreds of millions of people out of poverty and raising the standard of living considerably in the world’s largest country. That may be the most important factor here.

 

S&P Downgrades Portugal, Greece

Ratings agency Standard & Poor's downgraded two of the euro zone's most troubled member states, citing fears that the pair may have to restructure their debt after 2013.

 

Euro zone agrees emergency steps to contain crisis

Euro zone agrees emergency steps to contain crisis

Euro zone leaders decided on Friday they have special measures ready before financial markets open on Monday to prevent financial turmoil in Greece spreading to other countries such as Spain and Portugal.

 

Portgual, Slovenia, Greece grab World Cup spots

Portgual, Slovenia, Greece grab World Cup spots

Greece qualified for the World Cup on Wednesday, beating Ukraine 1-0 on aggregate after Dimitrios Salpigidis' first-half goal in the second leg.

 

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