Times: Bulgaria is Scotland's only Rival as Europe's Squanderer

Business | February 10, 2009, Tuesday // 00:00

Scotland is living beyond its means more than any other European country, with the exception of Bulgaria, an article published in the British "Times" informs.

The author Jason Allardyce, citing a government adviser, explains that Scotland ranks second in Europe, only behind Bulgaria, by its trade deficit.

"Even relatively backward former communist states such as Romania and Slovenia are making a higher proportion of the goods they consume" the article points out, quoting a study by Richard Marsh, the director of economics and policy at Gen Consulting.

The country's trade deficit is expected to reach 21% in 2009, compared with 11% in 2002.

"Only Bulgaria had a higher deficit (22%) while Latvia had a deficit of 20% and Romania had a deficit of 14%. In Estonia and Greece the deficit was 11% while Ireland had an 11% surplus," the publication reads.

Allardyce further notes that the Scottish government has said the analysis was "not credible" based on the economy's current performance.

The full text of the "Times" article can be found at: http://www.novinite.com/view_news.php?id=101141

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