The following are 20 signs that Europe is plunging into a full-blown economic depression….
#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 percentover 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.
Economic gloom is slowly spreading throughout Europe like a dark cloud. Some of the strongest economies in Europe are only just starting to slow down. Others are already gripped by tremendous economic pain. Trends forecaster Gerald Celente recently explained to ABC Australia that much of the EU is already experiencing an economic depression….
“If you live in Greece, you’re in a depression; if you live in Spain, you’re in a depression; if you live in Portugal or Ireland, you’re in a depression,” Celente said. “If you live in Lithuania, you’re running to the bank to get your money out of the bank as the bank runs go on. It’s a depression. Hungary, there’s a depression, and much of Eastern Europe, Romania, Bulgaria. And there are a lot of depressions going on [already].”
As things fall apart in Europe, the political wrangling is going to become even more intense.
For example, over the past few days a shocking new German proposal has come to light. Germany apparently would like Greece to give a “EU budget commissioner” the power to veto all Greek decisions on taxes and spending.
That would represent an unprecedented loss of sovereignty for Greece, and obviously Greek politicians are not excited about the idea at all.
In fact, Greek education minister Anna Diamantopoulou said that the proposal was “the product of a sick imagination“.
Read full article: http://www.prisonplanet.com/20-signs-that-europe-is-plunging-into-a-full-blown-economic-depression.html
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