Twenty Reasons Why Europe is in Deep Doo-doo

From the American Dream website:

#1 The unemployment rate for those between the ages of 16 and 24 is 28 percent in Italy, 43 percent in Greece and 51 percent in Spain.

#2 Overall, the unemployment rate for those under the age of 25 in the EU is 22.7 percent.

#3 Citigroup is projecting that the economy of Portugal will shrink by 5.7 percent this year.

#4 The total of all forms of debt in Portugal (government, business and consumer) is equivalent to 360 percent of GDP.

#5 The Greek “recession” is now entering a fifth year.

#6 The Greek economy shrank by 6 percent during 2011.

#7 It is being projected that the Greek economy will shrink by another 5 percent during 2012.

#8 The overall unemployment rate in Greece is now 18.5 percent.

#9 In Greece, 20 percent of all retail stores have been permanently shut down.

#10 The number of suicides in Greece rose by 40 percent in just one recent 12 month time period.

#11 According to the IMF, the amount of debt accumulated by the Greek government is equal to approximately 160 percent of GDP.

#12 In total, there are now more than 5 million unemployed workers in Spain.

#13 Bad loans in Spain recently reached a 17-year high.

#14 The overall unemployment rate in Spain is now a whopping 22.8 percent.

#15 The number of property repossessions in Spain has risen by 32 percent over the past year.

#16 When the maturing debt that the Italian government must roll over in 2012 is added to their projected budget deficit, the total comes to approximately 23.1 percent of Italy’s GDP.

#17 Manufacturing activity in the euro zone has fallen for five months in a row.

#18 The UK economy actually contracted during the 4th quarter of 2011.

#19 The German economy actually contracted during the 4th quarter of 2011.

#20 The Baltic Dry Index, often used as a gauge for the health of the world economy, has fallen a staggering 61 percent since October.

 

1 Comment

  1. Those are not the reaosns why Europe is in the poo.
    They are just facts which reflect how much it is in the poo.

    The reasons it is in the poo are things like

    Wages too high
    Pensions too high
    Regulations to tough
    Bureraucray too much
    Not making stuff the world wants
    Banks leant too much money at low interest rates

    And what about a list for the USA – it is probably about the same.

    Importing too much junk
    Wages too high
    Fat cat bankers too rich
    Housing Crisis
    Many states nearly bankrupt
    Very high hidden unemployment
    China making everything (even new San Franciso bridge)
    Pension funds not fully funded
    Interest rates too low
    Too much QE trying to reduce the US dollar at the expense of the rest of the world

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