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SourceHaikouNewsNetwork    Updated2021-01-19 19:37:40


  LyrArc Article Gist

  The recent history of two companies making kitchen cooking tools one in Germany and one  in Italy also tell the story of the economies of the two countries since the start of the euro currency. Italy's economy has grown by 7%, Germany's by 31%.  The Piedmont region's household income fell by 5% to 21,000 euros while the North Rhine Westphalia region's income was up by 18% to  26,000 euros since 2007. These are the two regions where Bialeti and Zwilling are located. A major issue with the euro is that countries  like Italy or Spain could not devalue their currencies to become more competitive. Russia for example has used a devalued currency to  become more competitive and return to economic  growth. Zwilling sales have tripled to 700 million euros while Bialetti's sales have fallen  20% from a similar starting point of 200 million euros. Bialetti even had to give an equity stake to a New York hedge fund in a debt  restructuring deal.


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