Italy has passed the 127 percent debt-to-GDP barrier and is in a full mess with industrial production contracting and youth unemployment well into the 30+ percent range. Spain has over 50 percent of their youth unemployed. Of course the markets only react because they fear that austerity for the public and easy money for the banks is going to end. The public has little in the markets so these reactions are all driven by global bankers hoping that the ECB keeps on squeezing the working class dry.

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