The Debt Crisis : The Euro Crisis Essay
The Euro Crisis is the failure of the Euro, the currency that binds all 19 countries of the Eurozone together. The tightly knit nature of this economy means that if even one country’s economy fails, Europe as a whole goes with them. The thing that was originally created to stimulate economic growth has become the cause of much accumulated debt.
Currently the PIIGS (Portugal, Ireland, Italy, Greece, and Spain), whose GDP ratios are all well over 100%, are in danger of sinking the ship from the amount of debts they can not pay (Cannon). The projected debt for Greece is 300 percent of GDP by 2060 according to IMF economists (Thomas). There have been riots, especially in Greece which has fallen into yet another recession and has been hit the hardest by this due to their crazy spending. These riots have been out of budget cuts and the loss of many jobs, resulting in numerous injuries and deaths. The lack of employment opportunities greatly affects the European youth. Less people are getting married, and many young professionals and graduates go abroad. For example many Greek doctors now work in Germany while Greeks health system is in crisis (Yardly). And with it’s own people leaving, this gives room for refugees to flood into Europe. Many people blame immigrants for the state of Europe’s economy. Henry Orban has stated that “Western Europe [is] so preoccupied with solving the situation of immigrants that it forgot about the working class” and…