Last month the Euro Zone hit a record 18.5 million people unemployed. In Spain and Greece, 1 in every 4 workers can't find work and those numbers are growing worse. In Portugal, Ireland, Italy, Greece and Spain, they are already in a Depression, not a "Recession," as the U.S. news media calls it and their economies are continuing to fall, already impacting with that fall, economies all over the world.
It is no wonder their people are taking to the streets in protest against tighter economic restrictions imposed by the European Central Bank. The European Central Bank, the International Monetary Fund and various other nations that have loaned money to these troubled nations, refuse to write down those loans, although the International Monetary Fund is rethinking its position.
In the end, all of those lenders will write down a sizable portion of their loans because it is only a fantasy now that those loans are still good. And the longer it takes them to admit the obvious, the worse the economic situation will become.
If you think this Euro Zone economic misery won't impact your country and you, please think again. These coming financial defaults will cause lenders and governments across the world to take huge losses and in some cases, endanger their financial solvency as well.
But as the men, women and children of Portugal, Ireland, Italy, Greece and Spain and more nations to come are left to desperately struggle, they are our brethren and as compassionate people, we share in their pain and we must help them.
Dick
To learn more, please see http://www.guardian.co.uk/business/2012/oct/31/eurozone-unemployment-record-high-eurostat
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