9 May 2011 — The Greanville Post
The Spreading Euro Crisis is Eloquent
Spanish villa for sale: with the market softening, maybe a long wait.
When the current economic crisis hit Europe in 2008, small countries on the periphery were its first victims: Iceland, Ireland, and Latvia. Within a year it had spread to Greece and Portugal, though the GDP of both nations—respectively 11th and 12th in the European Union (EU)—are hardly central to the continent’s economic engine.
But now the contagion threatens to strike at the center of Europe. Spain, the fifth largest economy in the EU and 13th largest in the world, is staggering under a combination of debt and growth-killing austerity, and the balance books in Italy, the Union’s fourth largest economy, don’t look much better. Indeed, Italy’s national debt is higher than that of Greece, Ireland or Portugal, three countries that have been forced to apply for bailouts.