Friday, November 16, 2012

WSJ - Southern Europeans fleeing to Germany.

Oh I am sure the Germans will be happy about this development.

The influx of Southern Europeans into Germany has gathered pace in recent months, as a growing number of Greeks, Spaniards and Portuguese ventured north to escape deepening recession and growing social tensions.

The biggest increase came from Greece. The number of Greeks moving to Germany jumped 78% in the first half of 2012 from a year earlier, Germany's statistics office said.

In all, more than 16,000 people moved to Germany from Greece between January and June, an acceleration of a trend that began in 2010 after the Greek crisis began. The number of immigrants to Germany from Spain and Portugal was up by 53% for each country.

The trend bodes ill for countries on Europe's southern periphery at a time of worsening economic malaise. Many of those leaving are young professionals with valuable skills. Their departures could have long-term consequences for countries such as Greece and Portugal as they struggle to recover.

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