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Yes... Greeks work the longest hours in Europe, 42 hour standard week. Germany, France & Netherlands have the shortest working weeks but have the current advantage of better technology and infrastructure. That gap will close & the "lazier" north will find themselves falling behind.

You're greatly underestimating Spain and overestimating the UK. Spanish banks pulled through the financial crisis much better than their UK counterparts and have been buying up UK (and other European and US) assets. The British pound and USD have crashed against the Euro. Apart from already...