The NYtimes has produced some stunning maps showing exactly how debt has escalated right across Europe. And without the ability for any EU member using the euro to deflate their currency and either default or pay their way out of the debt they’ve accumulated, is it time to start asking, ‘who does the euro actually benefit?’
It looked great when everything was fine on the surface, but now, it’s looking more and more like a long term nightmare than the European utopia that everyone had previously been enjoying.
Coupled with the EU nations risk of default, things are may be about to get very messy indeed.
Debt as a percentage of GDP in EU member states in 2000:
Debt as a percentage of GDP in EU member states in 2009: