Thursday, 29 July 2010

Remittances From Europe Sink Amid Recession

By Brian Blackstone

The 2008/2009 recession took a big bite out of a vital source of cash for some countries: worker remittances from Europe.

According to a Eurostat report, remittance outflows–which come mainly via migrant workers from outside of the EU who send money home–fell in 2009 after growing steadily since 2004.

Remittances to countries outside the EU–which make up about 70% of the total–shrank by 1 billion euros last year to 21.5 billion euros, after nearly doubling between 2004 and 2008. Remittances to other EU countries fell even more sharply. Read more

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