The Worst Unemployment Crisis In History Is Unfolding Right Now
At 27.2%, Spain is suffering the worst unemployment rate in modern history.
Spain is tied with Greece, and is worse than the approximately 25% unemployment rate that the U.S. saw during The Great Depression.
The causes, by now, are familiar — the end of a massive, bubble-fueled construction boom in 2008 led to spiraling unemployment and a deep recession, wreaking havoc on the [...]
By Christopher Booker, The Telegraph – UK
“Behind all the spin, smoke and fury of recent days, we see unfolding the greatest crisis in the history of the “European project”. As Greece plunges into meltdown – its economy shrinking by more than a fifth, Athens burning, 200,000 businesses already closed or on the brink, unemployment approaching 25 per cent – it is clear that the EU is separating into two irreconcilable [...]
So the Bank of Greece warns that Greek living standards will fall if Greeks refuse to accept agreements to make their living standards fall,” posits an observer:
LONDON (MarketWatch) — The Bank of Greece said on Wednesday that the nation is in “the most critical period” in its post-war history and could potentially be driven out of the euro zone. Greece must focus all efforts on meeting the targets set in an [...]
1) Bank Swaps, Libor Show Doubts on Europe Bailout: Credit Markets
“May 10 (Bloomberg) — The cost to protect bank bonds from losses and money markets show investors are concerned that the almost $1 trillion rescue package announced by European leaders may not be enough to contain the regionÃ¢â‚¬â„¢s sovereign debt crisis.”
2) Spike in disability claims clogs overloaded system
“Claims typically increase in a bad economy because [...]