Both governments and banks are insolvent across Europe. The only finger in the dike that is preventing a broad economic collapse is the rampant printing of money by the European Central Bank. Unfortunately, printing money has never resulted in economic prosperity, it simply delays the final collapse of insolvent governments. Depression levels of unemployment throughout Europe show that neither European governments nor the central bank have been able to contain the slow motion collapse of Eurozone economies.
The Economist notes that in Greece and Spain, the youth unemployment rates are, respectively, a staggering 55.6% and 54.2%.
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