Monday, April 9, 2012
The above shows the unemployment rate for the five "PIIGS" countries. The data (from Eurostat) begin in 2005 and run through Feb 2012 except for Greece which only goes to Dec 2011.
None of these countries have put their troubles behind them. You can argue that Ireland appears to have at least stabilized its unemployment rate. The rest all appear to be worsening - Greece, Spain, and Portugal are all deteriorating at fairly dramatic rates. These countries are in the grip of an event on the scale of the Great Depression.
Clearly the troubles in Europe are by no means over.