Just when the struggling economies of southern Europe thought their finances could not get any worse, along comes a price slump in one of their key exports – olive oil. Spain, Italy and Greece are the largest producers of the Mediterranean staple, accounting for 70% of the world's olive oil output. But they have been hit by a slump in the price of premium extra-virgin olive oil to $2,921 (£1864) a metric tonne in April 2010, IMF figures show. This compares with a price of $3,226 in April 2011 and $4,875 in April 2007. The olive oil price is now at its lowest level since 2002 – and almost half the 2005 price – on the ... (full story)