The Economic Wasteland That Is The Eurozone

The September unemployment figures for the Eurozone make grim reading, for the Eurozone as whole the unemployment rate hit a record high of 11.6%.

That is a figure that is both shameful and dangerous.

However, dig deeper and it can be seen that Spain and Greece are suffering even more with rates of 25.8% and 25.1% respectively.

To add to the woes of the Greek people Greek finance Minister, Yiannis Stournaras, has submitted the 2013 budget to parliament. If the current policies of austerity, being imposed to assuage the Troika, are maintained/pursued:

-Public debt to GDP will hit 189.1%
-There will be a general government deficit of 5.2%
-There will be an economic contraction of 4.5%

It is clear that with rates of unemployment and debt at these levels democracy will be hard pressed to survive, as people will reach out for any ideology other than Eurozone austerity to save them.

Yet what does the European Commission do?

It asks for a budget increase of 5% to feed its bloated bureaucracy and those that serve it, whilst forcing the people of Greece and other Southern European states into penury.

This is a recipe for revolution.