Southern Europe pull product put out debt crisis of European political and economic

Over the past few days the euro area can be described as a leaking and seemingly endless rain, not only Greece and the European Commission, IMF and European Central Bank on aid loans on a substantive outcome, "hungry" around the corner, Standard & Poor's also Italy's sovereign debt rating down a file . If Greece is the euro area, "soldier" is not really to the point where non-disposable will abandon it, but the equivalent of the euro area, "car" is Italy's third-largest economy must be insured, but its huge debt Paul is no guarantee that political and economic outlook for the euro area is definitely a major bad omen.UGG Boots


Outside of Greece have a lot of criticism that they are simply a day of "lying on the Aegean side of the sun on the beach sun," the country, to say the least, even a budget of 46 million euros in the Athens Olympic Games, you can also overruns to over billion, the difference between European financial rare. The second quarter of this year, such a small country of Greece, total debt of more than three billion euros actually high. However, Greece does not wear down to today's situation began to handle their own mess out of trouble. Since the sovereign debt crisis erupted last year, Greece has launched a number of fiscal austerity, but coincides with the global economic slowdown, spending declined, the economic downturn more severe, early this year, has shrunk by 5% year on year. The result is a wider fiscal deficit gap instead of pull. To help repay Greece, Greece's two biggest banks Eurobank and Alpha recently merged to save costs, but also a lot to sell its overseas assets to ensure that sufficient funds against losses. Sell ​​overseas assets, which in terms of what it means for the big banks, said it was not clear enough to the word pathetic.

Now you can talk about the social atmosphere of Greece has entered the brink of collapse. Greek Ministry of Health's latest figures show the number of suicides in the first five months of this year, representing an increase of about 40%, the number of people suffering from psychiatric disorders also significantly increase the refrain. All this is in a shrinking economy, high unemployment over 16% of the background. So no wonder that Greek Prime Minister Andreas Papandreou difficult to implement more stringent government fiscal tightening measures. Recently it came out of Greece's intention to hold a referendum on the euro, and then again be Papandreou denied.

In fact, Standard & Poor's adjusted level, the more worthy of the euro area should be carefully handled the situation in Italy. Although the size of Italy by the more than fifty billion euros in fiscal austerity plan, but the size of nearly one trillion euros of debt is equivalent to Greece, Spain, Portugal and Ireland, is twice the sum of the four countries, if you really have problems with Who has so much money to rescue? The idea that the crisis comes to the euro, the common euro area short-term bonds can be the Royal, but in the long run all countries need most is the rules, and improve their economic structure. However, many European economies like Germany has a huge economic entity? Take the example of Italy is now degraded, the second industry and tertiary industry accounting for a total of more than 97% of GDP, but the former is the main brand of clothing and all kinds of luxury goods, the latter is the tourism industry, these are downturn in the global economy cut the first international consumer goods. In 2009, the Italian tourism industry of nearly 4% of the tourists, and it gets lost 1.7 billion euros and 75,000 jobs related industries. Over the years, Italy's youth unemployment rate of up to three Daosi Cheng, for the European crown, continue to cut red may be the result of the government even introduced to promote employment and job training resources do not.UGG Boots
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