Greece economy is in shambles. Greece can not form a stable governing body, new elections set for mid June 2012.
Spain’s banking system is following Greece into economic collapse. Investors are withdrawing their money from Spanish banks at the rate of 33 billion Euro a month looking for safer countries and banks for their investment money.
Ireland, Italy and Portuguese banks are in extreme economic stress and all will fail without massive monetary bail outs from the European Central Bank(ECB) and the International Monetary Fund(IMF).
At some point even the ECB and the IMF will no longer be able to keep these countries economies from collapse dragging the U.S. and China into a 1930’s style Depression.
Europe’s offical unemployment rate is 11+ percent Spain, Italy and Greece unemployment is nearing the 25 percent rate and the unemployment rate for young adults, 16 to 25 year old’s is closer to 50 or 55 percent.