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The Summer of EUr Discontent

May 31st, 2013 - 9:03 am

From Zero Hedge:

All four of the other PIIGS nations now have broken the dismal Maginot Line of 40% youth unemployment with Italy finally joining the club (Italy 40.5%, Portugal 42.5%, Spain 58.2%, and Greece 62.5%). What is even more concerning is that not only are these rates extremely high but they are accelerating with all four of these dark nations seeing their rates rising faster than in recent months (this was the 2nd fastest rise in Greek youth unemployment ever). Overall, Europe’s youth unemployment rate continues to march higher (to 24.4%) having not fallen for 24 months, but it is Spain that is the ‘winner’ with 41 consecutive months without a drop in youth unemployment. With welfare benefits running dry, and Sweden and Switzerland already running hot, we fear this summer may bring the much-feared unrest so many have been concerned about.

Europe-wide youth unrest? What could possibly go wrong?

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Manufacturing contraction here, a downturn in China, and Europe heading south fast. All because the USA is no longer functioning as the economic engine of the world. Elections have real consequences.
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