On the other side of the Atlantic , countries like Greece and Spain are also in no better shape. Both countries are
suffering from acute economic problems and are on the verge of economic
collapse. Economists opine that both countries have to go through even more
critical conditions before it starts getting better for them. In Greece , 48 percent of its citizens under the age of 24
are unemployed. Many are describing this as a ‘hell’ and are of the opinion
that it is going to continue for a long time. Even the austerity measures that
are the only way of getting out of the economic crisis are going to harm the
Greeks badly.
Natural News reports that Spain would need to inject something between 40 and 100
billion Euros into its banks in order to avoid bankruptcy. Spain ’s fiscal crisis has worsened over the last few
years and now it is anticipated that Spain may have to ask for assistance from the Euro Zone
to recapitalize its banks. International
Monetary Fund anticipates that Spain ’s economy would contract by 1.6 percent and the
unemployment rate would reach 26 percent by the end of 2013. The overall
scenario is enough to make even the most optimist person worried.
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