Relevant numbers--- http://www.nationmaster.com/graph/lab_you_une-labor-youth-unemployment Italy-29.7% youth unemployment Spain-25.5% youth unemployment +austerity cuts Even if they don't default... Running through the implications of Italy and Spain defaults and the high possibility of social instability in those two nations is...sobering.
There was some serious denial in the EU community regarding the PIGS. Greece should never have been allowed in at all.
Looking like we have too many unemployed youths around the world and the economies are struggling, looking like a major war ahead to cull the numbers of youths and to get the world's economy going. That is what usually happens. DD
The Eurozone experiment needs to end. In general I think this is the end of currency unions as we know it. The Europeans are out of options and the ECB won't have enough ammunition to deal with this. You can't bailout countries as large as Italy and Spain and both are bankrupt so all they can do is austerity. Unfortunately it won't matter because rising unemployment will increase their deficits faster than they can cut it.
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yeah major and samfisher provided great analysis on the problems. i remember sam posting articles from when the union was formed predicting doom
