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I was just reading now on LA times (McManus: Europe's continental drift), and a phrase really captured my attention; The author, while describing how bad the situation is in Europe (especially the southern countries) goes as far as saying:
"
To anyone who has been following the economy news for the last 5 years, this wouldn't come as a surprise, yet, as curious as i am always, I read further and then did my own research about the countries in Spain, Italy, Greece and Portugal. I checked three indicator, GDP growth in year 2012, unemployment in the Eurozone Countries and Public Debt as a % of the GDP.
GDP Growth in year 2012
Greece: -6.4%
Spain: -1.4%
Italy: -2.4 %
Portugal: -3.2 %
Unemployment Percentage in march 2013
Greece: 27%
Spain: 27.1%
Italy: 12.6%
Portugal: 17.7%
Public Debt as a % of the GDP
Greece: 161%
Spain: 85.3%
Italy: 126%
Portugal: 120%
The numbers say it all, the economies of Greece, Spain, Italy and Portugal are shrinking, the unemployment is very high (numbers reach 50% in youth unemployment alone) and the public debt is high especially in Greece.
The crisis is turning into a humanitarian issue especially in Greece and Spain; it is becoming more difficult to make a living and maintain even the basics of survival.
Is there a way out of this economic crisis?
"
Southern Europe is experiencing its worst drop in living standards since World War II"
To anyone who has been following the economy news for the last 5 years, this wouldn't come as a surprise, yet, as curious as i am always, I read further and then did my own research about the countries in Spain, Italy, Greece and Portugal. I checked three indicator, GDP growth in year 2012, unemployment in the Eurozone Countries and Public Debt as a % of the GDP.
GDP Growth in year 2012
Greece: -6.4%
Spain: -1.4%
Italy: -2.4 %
Portugal: -3.2 %
Unemployment Percentage in march 2013
Greece: 27%
Spain: 27.1%
Italy: 12.6%
Portugal: 17.7%
Public Debt as a % of the GDP
Greece: 161%
Spain: 85.3%
Italy: 126%
Portugal: 120%
The numbers say it all, the economies of Greece, Spain, Italy and Portugal are shrinking, the unemployment is very high (numbers reach 50% in youth unemployment alone) and the public debt is high especially in Greece.
The crisis is turning into a humanitarian issue especially in Greece and Spain; it is becoming more difficult to make a living and maintain even the basics of survival.
Is there a way out of this economic crisis?