MADRID — Derided as 'Club Med' nations during the European debt crisis 15 years ago, the economies of Spain, Greece and Portugal are now outperforming their northern peers, thanks to a rebound in tourism.
MADRID — Derided as 'Club Med' nations during the European debt crisis 15 years ago, the economies of Spain, Greece and Portugal are now outperforming their northern peers, thanks to a rebound in tourism.The three nations had to endure harsh austerity measures in the early 2010s imposed by their European Union partners, who were quick to blame their fiscal laxity and lack of competitiveness for their economic woes.
Spain — the biggest beneficiary of the fund after Italy — has so far received 38 billion euros, Greece 15 billion euros and Portugal eight billion euros.The three nations have also made 'great efforts to improve their economic attractiveness' with structural reforms that have boosted their competitiveness and improved their labor markets, said Darvas.The reforms have helped draw foreign investment, especially in renewable energy and cloud computing.
Buoys Europe's 'Club Med' Nations
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