Friday, July 19, 2013

"How Europe's solution for the crisis is actually the problem "

Le taux de chômage des jeunes en Europe de 2005-13 via Les crises, domaine public
[Youth unemployment rate in Europe between 2005-2013 via Les Crises – public domain]

"Europe's current crisis is more than economic. Between the German government advocating a dangerous austerity policy and European authorities lacking any other suggestions, it is clear that the 2008 financial crisis is no longer solely responsible for the downward spiral of Europe.
The GDP for countries in Europe has fallen by a considerable amount: 5.3% for Greece, 3.9% for Portugal, 4.1% for Cyprus, 2.3% for Italy, and 2% for Spain. This is without even mentioning the recession into which France is entering. In the first quarter of this year, the European Union economy contracted by 0.7%, or one percent when only taking into consideration the eurozone."

Read more from this Global Voices article here.


Marmot said...

Wealth and property have mesmerised the whole culture. Productivity, inventiveness, hard work depend on opportunity. Wealth and property - law-given rights over others - seem always to have the last say, and are dedicated to sustaining and increasing their value. Carpet-baggers will pick off bargains in the Spanish property market ensuring Spaniards continue to pay a fat interest on "investment".

Brett said...

Fair comment, Marmot. Thanks for making it. Very recently a lot of Russian money has flooded into coastal Catalunya. It's a difficult time for many people here but the government is rabid for any "investment."