Greeks move to strong Germany to escape crisis

 
Tim Wallace
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SOARING numbers of Greeks are moving to Germany to escape their domestic economy’s sustained depression, new figures showed yesterday.

Overall immigration into Europe’s largest economy jumped 13 per cent from 2011 to 1.081m in 2012.

Much of the boom was caused by a rise in Greek, Spanish and Italian migrants – their numbers shot up 40 per cent in the year, the Federal Statistics Office said.

A total of 31,109 Greeks and 39,910 Spaniards moved to Germany in the year.

Germany is increasingly attractive for workers – it has an unemployment rate of just 6.9 per cent compared with above 25 per cent in Greece and Spain. And those numbers were underlined by positive manufacturing data, yesterday.

Industrial orders in Germany rose 2.2 per cent in March, ending a weak phase.

The healthy rise contrasts with troubled France where industrial production slumped 0.9 per cent in March and 0.4 per cent over the first three months of the year.

However, there were some signs of the peripheral crisis easing yesterday as Portugal’s government easily raised €3bn (£2.5bn) in its first issuance of 10-year bonds since its 2011 bailout.