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.
...or their underground economies are larger than others...?
ReplyDeleteSusan:
ReplyDeleteWell that's very likely becoming true as a survival matter.
Hi Stuart. I'm on vaccations in Portugal right now. The economic situation is now worse than what it was in 1982, affecting most of my friends and family. One thing the stats do not show is the amount of folk that, while still oficially employed, are not being paid anymore, or are at least facing delays and reductions in wages. The slowdown of monetary velocity is scary, and all policies seem set to keep it slowing.
ReplyDeleteRegards.
But but but Paul Krugman sayz that monetary policy works!!
ReplyDeleteAlex