The Target liabilities of the GIPS countries (Greece, Ireland, Portugal and Spain) amounted to314 billion euros in … destroyed the Bretton Woods System. Greece, Ireland, Portugal, Spain and Italy have suffered from balance-of-payments deficits … additional central bank money that flowed to the euro core countries, Germany in particular, and crowded out the central bank …

destroyed the Bretton Woods System. Greece, Ireland, Portugal, Spain and Italy have suffered from balance-of-payments deficits … additional central bank money that flowed to the euro core countries, Germany in particular, and crowded out the central bank …

destroyed the Bretton Woods System. Greece, Ireland, Portugal, Spain and Italy have suffered from balance-of-payments deficits … additional central bank money that flowed to the euro core countries, Germany in particular, and crowded out the central bank …