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Europe Has a New Economic Engine: American Tourists
Tourism is boosting the economies of southern Europe. The tourist economy is ultra competitive in places such as Lisbon and Madrid because the debt crisis of Spain, Portugal, Greece has led to devaluing their currencies with the US dollar. There are more American tourists in Portugal than Spanish tourists who are attracted by lower cost vacations. Europe now generates $500 million dollars from tourism one third of total tourist dollars worldwide. Portugal's economy is growing at 8%. This WSJ report looks at tourism in Portugal. It also raises questions about Southern Europe's overdependence on tourism industry which is cyclical.
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