Just as the Rest Of The World economies are scrambling to dust themselves off from the effects of the GFC, what could be termed the "EFC" is doing it's best to suck everyone back down into the mire.
Here is an interesting link to a thread referenced to a Danske Bank report that raises the issue how Greece will have to slash public spending - but at the expense of jobs. Their unemployment rate is already high (9.2% in Q2, 2009 - now?) so one can imagine the flow-on effects, both politically and socially of a massive slash in public spending.
Not only that, but this very same public spending accounts for a large part of their per capita GDP anyway, so slashing it will in turn WORSEN their debt ratios?
Looks like a tough road ahead... http://fistfulofeuros.net/afoe/econo...-devaluations/
Also a Bloomberg graph & story on same (click on GRAPHIC tag)... http://www.bloomberg.com/apps/news?p...lbKtrss&pos=15
and not forgetting some Wiki background info too... http://en.wikipedia.org/wiki/Economy...European_Union