The counterargument hinges on the difference between the current account deficit and the trade deficit.

Thus, in order to keep the current account deficit stable, the trade deficit must shrink.

A more likely scenario is that China will continue to have a trade surplus (though much smaller) and an investment income deficit, mirrored by America s trade deficit and investment income surplus. If both countries have balanced current accounts, their balance of payments positions can be sustainable.

Greece s economic weakness increases the current level of the deficit.

Normally, a country s current account deficit (trade deficit minus transfers from other countries) is financed with foreign private capital.

Oil accounts for about 98 of Iraq s current export revenue.

Its current account is sliding into an ever deeper deficit hole.

The US current account deficit and the Asian surplus will shrink.

It then cites global current account imbalances, particularly the US external deficit, describing it as unprecedented for a reserve currency country to have a current account deficit of such magnitude.

Table 3 Current and deposit accounts as at 31 December 2004

Current Account Deficit , Virginia Association of Economics, Richmond, Virginia, 10 March 2005.

Now GDP growth is slowing, investment is falling, the budget deficit is widening, and the external accounts are weakening.

In Spain, the counterpart to the current account deficit was private sector borrowing.

The current account deficit has been almost eliminated, and the banking crisis contained.

Reducing the government budget deficit is a major goal of the current government.

Indeed, America s trade deficit in manufactures is roughly equal to its current account deficit (the amount by which domestic investment exceeds domestic saving).

For them, the Chinese current account surplus and its mirror image, the US current account deficit, are the central problem.

Indeed, the proportion of deficit spending among enterprises is on the rise, and the accounts receivable turnover rate is falling.

Rwanda s current account has deteriorated steadily, with the deficit now exceeding 10 of GDP.

These deficits facilitate the surpluses that emerging markets such as China want to run the world s current accounts add up to zero, so if one large set of countries wants to run a surplus, someone big needs to run a deficit.

Indeed, every year for more than three decades, the US Bureau of Economic Analysis (BEA) has reported a current account deficit. And yet now we must ask whether the US current account deficit is still a problem.

Yet Bolivia s current crisis does point to the democratic deficit that plagues Latin America today.

The US current account deficit has been narrowing in recent quarters, thanks to export growth.

The US current account deficit has been the most widely discussed indicator of global imbalances.

The US alone ran a current account deficit of 739 billion (5.3 of its GDP).

That could bring its current account into balance or even into slight deficit by 2015.

Yet the quarterly US current account deficit actually increased from 195 billion to 205 billion.

Thus far, the review of current accounts has been completed, while the old outstanding accounts have only partially been completed, owing to the staff shortage.

At the onset of its crisis, Argentina s budget deficit, public debt, and current account deficit (as a share of GDP) were about 3 , 50 and 2 , respectively.

The current account deficit is increasing relentlessly, owing to a widening trade deficit (now at 13 of GDP), raising the danger of a balance of payments crisis.

As an immature creditor lender, the trade balance and current account are in surplus as well as a mature creditor lender, the trade balance returns to deficit finally, as a creditor borrower, the country s current account swings into deficit.

So what s unsustainable? Why can t the US current account deficit remain at its 2006 value indefinitely?

After all, America s still large current account deficit guarantees that the dollar will continue to fall.

The United States' current account deficit reached 5.7 of GDP in the second quarter of 2004.

For a few years, imports surged, and by 1995 a sizeable current account deficit had developed.

With the current account deficit now exceeding 5 of GDP, US foreign debt is rising fast.

After all, who cares about Florida s current account deficit or even knows what it amounts to?

Greece s membership in the eurozone was also a principal cause of its current large budget deficit.

These countries combined current account deficit matches Germany s surplus almost exactly. (The eurozone s aggregate current account with the rest of the world is balanced.)

An amount of 1,333 million is held in first class banks, comprising 1,256 million in interest bearing term deposit accounts and 77 million in current bank accounts.

The large trade deficit and equally large current account deficit (which includes net investment income) implies that foreign investors must add 700 billion of US securities to their portfolios.

And, despite a more competitive exchange rate, the US continues to run a large current account deficit.

Germany experienced a consumption and construction boom after unification, with full employment and a current account deficit.

To be sure, executives and entrepreneurs like to shake their heads over the current US fiscal deficit.

One should not criticize the ECB for propping up the GIPS current accounts during the global crisis.