Greeks set to pay price for feelgood years

A strength of the eurozone economy, at a time of global financial turmoil, is its lack of any great “imbalances”, Jean-Claude Trichet, the European Central Bank president, is fond of saying.
The fact that – unlike the US – the 15-country region exports about as much as it imports and its consumers have generally spent only what they earn (or less), helps to explain why the ECB remains relatively upbeat about the economic fundamentals.
link: FT.com