On Thursday, July 21, European leaders will meet in Brussels for the latest attempt at quelling the continent's worsening financial crisis. Unfortunately, what a year ago looked like a localized problem affecting a tiny share of the European Union economy has become a ubiquitous and omnipresent threat. Having tried austerity and monetary stimulus, chastisement and feigned confidence, European leaders are quickly approaching the end of their playbooks. And with Italy, one of the world's largest economies, now teetering on the brink, it's not at all clear this story will have a happy ending.
Above, at the Sodoma bar in central Reykjavik on April 25, 2009, a man relieves himself in a urinal plastered with photographs of Icelandic bankers who fled the country after the financial crash.
OLIVIER MORIN/AFP/Getty Images
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HAMMURABI2500
3:45 PM ET
July 21, 2011
Naples=Argentina
The garbage in Naples looks like Argentina in 2001...
JUICE
11:13 AM ET
July 22, 2011
The college students in Europe have seen this coming
The problem has been there for a while, Europeans and the rest of the world were just ignoring it because the Euro was getting stronger. Young people in many areas can get jobs, but not ones that pay enough for them to even pay their own bills. Many are living at home with their parents or have a standard of living below their parents' because Europe is just so expensive and job pay doesn't make up for it.
Population deflation is a big issue in many of these countries, and in the coming decades, there will not be enough young people working to support the retirees. A friend from Palermo, Italy with a Ph.D. in law and graduating with the highest honors couldn't get a job there paying more than 300 Euro a month, and this was three years ago. What did she do? She moved to the US where she could get a better paying job. It's sad to see some of Europe's best and brightest leaving because of the economy. People getting online degrees in the US can get better pay.
TOMV
1:34 PM ET
July 22, 2011
Article Does Not Go Back Far Enough
The author of this article states that the current problems started with Iceland. Actually, they started soon after WWII. Anyone remember the Marshall Plan? This was the huge infusion of money the US sent to Europe because communist parties were scoring big. They were promising wine and song to people who lived in countries where war damage was still rampant.
But setting up societies that were democratic socialist in nature meant the people there quickly expected their "social benefits". For the countries, affording this was no problem. They had their soverign currencies and a national bank. When things got tight, the would devalue. Owe someone 100 drachma? Pay them their 100 drachma that can buy what 90 drachma bought yesterday. This worked for decades, until the Euro.
Suddenly you had a central bank that could care less about politicians and their promises. No devaluations anymore. So the politicians borrowed. Then Iceland.........
POLITICALAGENDA
5:39 PM ET
August 7, 2011
Overspending governments more than banking crisis?
As regards why are we here it is now primarily because of over spending governments running permanent and unaffordable budget deficits at least as regards Italy and Greece. The governments of course like to blame the international banking crisis but in fact their banks had very limited exposure. These countries need to face the music and cut spending / raise taxes. Italy is biting the bullet but Greece looks like a basket-case.
The banking crisis was a one off shock which we actually had got over......
JANE BARRY
5:41 AM ET
August 11, 2011
I've read a frightening
I've read a frightening article covering the statistics for suicide in the European countries. According to the figures the economic crisis determined a raise of the number of cases of suicide in Europe. I'm not completely understand how it can depends on the crisis. Probably some people are depressed so much or don't see any solution in these hard times..
Jane, ACCA student
EMORY HOCHADEL
3:05 AM ET
August 15, 2011
good!
On Thursday, July 21, European leaders will meet in Brussels for the latest attempt at quelling the continent’s worsening financial crisis. Unfortunately, what a year ago looked like a localized problem affecting a tiny share of the European Union economy has become a ubiquitous and omnipresent threat. Having tried austerity and monetary stimulus, chastisement and feigned confidence, European leaders are quickly approaching the end of their playbooks. And with Italy, one of the world’s largest economies, now teetering on the brink, it’s not at all clear this story will have a happy ending.Above, at the jada fire bar in central Reykjavik on April 25, 2009, a man relieves himself in a urinal plastered with photographs of Icelandic bankers who fled the country after the financial crash.
AXELBROOK
2:24 PM ET
August 18, 2011
They just dusted off the Bush
They just dusted off the Bush campaign 2004 playbook. McCain thinks he can just throw out a few one liners against his opponent and think we are going to eat it up. rio sfr Well, things have changed since 2004 and people have wised up to the tactics..
LANELL233
2:09 PM ET
August 19, 2011
Europe's Economic Meltdown: How Did We Get Here?
A look back at the missteps and bailouts, in pictures. They just dusted off the Bush campaign 2004 playbook. McCain thinks he can just throw out a few one liners against his opponent and think we are going to eat it up. rio sfr Well, things have changed since 2004 and people have wised up to the tactics.. selling structured settlements The author of this article states that the current problems started with Iceland. Actually, they started soon after WWII. Anyone remember the Marshall Plan? This was the huge infusion of money the US sent to Europe because communist parties were scoring big. They were promising wine and song to people who lived in countries where war damage was still rampant. But setting up societies that were dem.
LEEANNA270
3:07 PM ET
August 19, 2011
Europe's Economic Meltdown: How Did We Get Here?
A look back at the missteps and bailouts, in pictures. ost , than they moved on to terror and suicide bombings in the second Intifada and lost again, now they realized they cannot beat us through force than they are trying to show Israel in a bad light to the world as if they are up with the standard of the western world. branda branda gsm phone software The law is for the purpose of not giving a hand and funding through the government to organization business analysis The author of this article states that the current problems started with Iceland. Actually, they started soon after WWII. Anyone remember the Marshall Plan? This was the huge infusion of money the US sent to Europe because communist parties were scoring big. They were promising wine and song to people who lived in countries where war damage was still rampant. But setting up societies that were dem.
PETER MURRAY
4:58 PM ET
August 19, 2011
Bankers
I really like the photo, what a great idea.
Simply Ibiza
PETER MURRAY
5:02 PM ET
August 19, 2011
Bankers
I must order a few stickers for my local pub - but who do I post first - the list is endless
Cosmetic Surgery
PETER MURRAY
5:05 PM ET
August 19, 2011
Great Photo
Who wanted a united Europe apart from the pigs who have always had their noses in the trough.
Irelands World
FREESPIRIT
5:45 PM ET
August 19, 2011
The state of the EU
The sooner it collapses the better IMHO It is also about time that the weak politicians in the U.K. gave the British people a vote as was promised by Blair in the Labour Government in their manifesto leading up to an election a while back. As one would come to expect from yellow livered politicians once back in power not a mention as they knew that the British would vote to pull out of the EU
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No Win No Fee Solicitors
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DAVID BYRNE
7:34 PM ET
August 19, 2011
The meltdown
I agree with the comments made by Freespirit & LeeAnna
Irelands World Simply Magaluf Billy Garraty