The first hints of optimism are appearing in Europe's troubled Club Med countries. They are not to be found in unemployment or growth figures, but mostly in the mouths of ministers. "Spain is emerging from its crisis," declared Fatima Banez, the labour minister, even as unemployment rose above 25%. In Greece ministers are pointing proudly to their progress towards a primary budget surplus. Everywhere economists are welcoming rising net exports and shrinking budget deficits (see briefing, pages 23-24).
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