Europe's Debt Crisis: A Country-By-Country Guide (PHOTOS)

LONDON (AP) - Europe's governments are struggling to deal with a mountain of debt made worse by the past three years of global financial and economic turmoil.

Here are thumbnail sketches of how some of the countries involved are faring -- and what they're doing to escape the crisis.

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Belgium

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2009 debt: 96.7 percent of GDP Deficit: 6 percent. 2010 growth estimate: 1.3 percent. 2011 estimate: 1.6 percent. Unemployment rate in March: 8.1 percent. Belgium's reliance on trade has hurt the economy in the last two years ago, but the recent recovery in European exports — many routed through the busy port of Antwerp — has helped the economy return to growth. However, the country's persistent budget deficits and uncertainty over political reforms that could transfer more power from the federal government to the regions mean that it may face problems curbing a debt mountain that will top 100 percent in 2011.

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2009 debt: 96.7 percent of GDP

Deficit: 6 percent.

2010 growth estimate: 1.3 percent.

2011 estimate: 1.6 percent.

Unemployment rate in March: 8.1 percent.

Belgium's reliance on trade has hurt the economy in the last two years ago, but the recent recovery in European exports — many routed through the busy port of Antwerp — has helped the economy return to growth. However, the country's persistent budget deficits and uncertainty over political reforms that could transfer more power from the federal government to the regions mean that it may face problems curbing a debt mountain that will top 100 percent in 2011.

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Comments

[lunarsnare]

12:43 PM on 06/02/2010

I can’t say for the nations other than Germany, but these numbers are very kind.
Germany’s unemployment is actually hovering around 20 +% in real numbers.
By some estimates even higher.

A MUST READ
To achieve the 8.1 number, omitted are all the people receiving unemployment benefits but work 30hrs weeks for 1, - euro the hr as a commute reimbursement.

The one lucky enough to get 400,- per month jobs ( not a living wage) and the rest/ majority to live is made up in unemployment benefits are also omitted.

Also omitted in the official unemployment statistics is the government implemented practice of lending the unemployed to private industry as cheap and unpaid labor.
Which goes like that:
The unemployment office sends you to short term work in the fields or to private industry where you will perform the same tasks a regular employee, but at a fraction of the pay.” Leiharbeiters”
The pay is so low that again its merely token pocket money and the rest/majority of your basic most minimal needs continues to come from your unemployment benefits.

Most frightening about this particular practice is that companies now have incentive to let go their regular long term employees and replace them with equally skilled hands at a fraction of the cost on a need to have basis without any binding contractual agreements on a day to day basis.
These people are all unemployed, exist on unemployment benefits but are omitted from Germany’s unemployment statistic.

[CologneCitizen]

02:44 PM on 06/02/2010

The real American unemployment figures are a lot higher than reported. You don't see folks lining up for food in Germany. And your unemployment benefits are not more than somes crumbs. And when someone suggests to prolong these benefits, half the country gets mad as this is UN-AMERICAN.

[lunarsnare]

03:27 PM on 06/02/2010

Again you are off- topic for the sole purpose of detraction.
This is a report & thread about Europe/ Germany economy.
There are plenty of on topic reports and threads on this US site regarding US unemployment where you can voice your opinion.

2nd At the churches and Tafels in Germany the lines for food are long and all too often run out before everybody is served.
Most disturbing is the increase of “ middleclass” citizens working 30 to 50 hr weeks standing in line as they are not paid enough and don’t receive enough unemployment benefits to even feed themselves.
Work for no pay and no future.

This fudging of the real unemployment numbers and failing to report on the true state of the nation is important because Germany is very entwined not only in Europe but also in the global economy.
Because the lie has far more potential to hurt other nations then the worst truth.

[netzwerg]

06:33 AM on 06/02/2010

Great news! German parliament today banned all short selling of german stocks as well as german and austrian bonds.

Time to get those neoliberal thugs by the balls.

[realpolitic]

06:18 AM on 06/02/2010

Wow, 1 in 5 out of work in Spain is serious unemployment.

[netzwerg]

06:33 AM on 06/02/2010

Yes, that's serious, and only slightly better than 1 out of 4 out of work in the US.

[santiago sherwood]

12:43 PM on 06/02/2010

the difference is they got into debt by giving freebies to the people, we got into debt by waging war in distant countries. We need to ask what could have achieved if we spent a trillion on something other than defense?

[lunarsnare]

12:49 PM on 06/02/2010

Isn't this thread about europe and not the US?
And before you throw with stones from the glass house please feel free to check out my post at the top of the page.

[Flying Dutchman]

05:24 AM on 06/02/2010

Instead of publishing a story about Europe filled with factual errors, you'd better publish a story about how the US postpones it's own bankruptcy by luting countries like Iraq, doing business with loan sharks like China and bamboozling it's own citizens and allies. Come on, a bit more journalism would be a giant leap forward, it is what the US needs right now.

[CologneCitizen]

09:20 AM on 06/02/2010

Most stories about Europe are either incorrect or simply not true at all. I guess it makes Americans feel good though to take a bath in false superiority. Many confuse the Euro with the EU, blame government debt in Europe on "socialism" (which is more true for the US in socializing losses of their big corporations) and justify their own miserable position which has no long mandatory paid vacatons, proper healthcare and the security of government guaranteed pensions.

[lunarsnare]

12:52 PM on 06/02/2010

Isn't this thread about europe and not the US?
And not US / Europe comparison report?
And before you throw with stones from the glass house please feel free to check out my report at the top of the page.

[Hans Lak]

02:39 AM on 06/02/2010

Where did you get the figures? They seem to be wrong! Very wrong some too high and other way too low! In the Netherlands unemployment rate is much lower but the deficit is much higher!

[cliffsiderock]

02:37 AM on 06/02/2010

Once again, a misleading piece from people who don't know a darn thing about macro economy. The 47% for UK is just the debt owed by the british government. UK's combined "external debt" (ie. money owed to foreign entities) from both private and public sectors isa staggering 400% of their GDP- worst in the Europe. US is at around 100%. Why is it important that private sector extenral debt be counted? It is because every dollar any person/company/government paid to a foreign entity, that's one less dollar to invest in growing its own economy- which is the only way to generate more tax revenue to pay off the extenral debt or to maintain the same level of perceived credit risk. HP tries to paint the impression that the economic situation in EU is not that bad. Well, may be HP should interview some of EU's official familier to their own situation and see what they think. Most of them think it is bad enough that they need to drastically cut social programs and entitlements.

http://www.spectator.co.uk/coffeehouse/3078296/the-true-extent-of-britains-debt.thtml

[TheGavel]

02:01 AM on 06/02/2010

Spain is reaping what it sowed.

What happened to those tons of gold taken from the Americas a few centuries ago?

[UNLVGOP]

01:17 AM on 06/02/2010

A professor in Spain did a study that their cap and trade program eliminated 2.2 regular jobs for every 1 job the gov't created. Maybe that explains the 20% unemployment.

Why people look to Spain for inspiration on Cap and Trade, I do not know....

[MarkMad]

12:01 AM on 06/02/2010

I guess it’s time to privatize, cut services to the public, so we can then purchase their national patrimonies and provide for most the needed services. What were they expecting when they agreed to enact a massive bureaucracy for parliament, disregard their constitution and dump their own monetary system for the Eurodollar. How can anyone think that fusing 32 diverse economies would work. Smells like a coup d'état to me. Get your money and run for your lives!

[devildog09]

11:26 PM on 06/01/2010

Eventually the world's politicians will realize- you cannot continue spending more money than you have. But then the citizens will have to realize that you can't expect continued free handouts from the government. Safety nets are one thing, but the cradle to grave dependance on government is unaffordable.

[Lusmu]

06:29 AM on 06/02/2010

I'm sorry, I don't know what your definition of "cradle to grave dependance on government" is, but if you refer to European style social security system, you're dead wrong. The system has been running more or less smoothly until most nations got the privatization bug and started to count everything in money.

In fact, the European style social security system is quite affordable still, if your priorities are straight.

And by the way, if you want an example from the other end of the spectrum of European countries, look at the Nordic countries, especially Norway.

[ResearchtheFacts]

11:12 PM on 06/01/2010

20% unemployment is mind boggling scary. Wow, I feel for those people in Spain. Where on the planet are people fairing well?

[verycold]

11:34 PM on 06/01/2010

Our U6 rate is 17 percent. I am not sure how unemployment is figured in all countries. If it is like here in the US the government purposely hides the true figures so people don't panic. Now that it might be possible to get a job, more people will be coming back into our system which will possibly spike the rate up even higher.

[lunarsnare]

01:30 PM on 06/02/2010

In the spirit of your screen name :)
Yes it is, but Germany’s real numbers are also above 20%.
Check out my report from Germany at the top of the page
I think that this is very important because if countries so entwined in a global economy are not truthful, its going to be difficult to help them.

[Ogden192]

11:05 PM on 06/01/2010

That was the best picture they could come up with for Ireland? A line of tour buses!

[BusterDeacon]

02:18 AM on 06/02/2010

"Next stop - debtor's jail!"

The report on the Irish economy is almost as bad. The budget cuts are mentioned - with the suggestion that this was a good thing. The average Irish person will disagree - especially in light of the corresponding massive bailouts for the banks. Which the report does not mention at all.

As for the line which reads: "The Irish government said recently it is on track to cut its deficit to be in line with the European Union's limit of 3 percent of GDP by 2014."

This - and all utterances by the Irish governmnt - can be translated thus: "That's a bit of a wild guess we came up with last night, in the throes of a wild group hallucination.. Honestly, we haven't a clue about anything. But sure, you've known that for years."

[Billyduk]

12:48 PM on 06/05/2010

As an Irish person I would prefer if you wouldn't make false remarks about us. The cuts, as most Irish people would agree, are necessary for recovery as Billions was being squandered on inefficient public projects and quangos.

NAMA (Which I presume you are referring to in your bailout comment) is, essentially, bailing out the banks, but not completely. The banks still take a hit but are put in a more favorable position to get credit flowing in the economy again. This is a requirement for Ireland to recover.

The figures shown above is a projection based on private, public and european projections of growth in the Irish economy. Latest figures actually show an improvement in projections and have ireland coming out of recession in the last quarter of this year.

Please don't post with little or no understanding.

[gerrydingle]

03:37 AM on 06/02/2010

Well it is an American website)

[ProFormaArtista]

09:56 PM on 06/01/2010

Are any Middle Eastern or Asian countries being hit or is this debt spiral occurring mostly in the West?

[Cipo]

10:01 PM on 06/01/2010

Everything that I have read suggests that there is no safe place anywhere. Some may have it in an earlier stage than others, but the notion of a "global" economy means that we are all joined at the hip. Even mighty China is not what it appears to be: http://www.zerohedge.com/article/china-begins-liquidity-tightening-bubble-threat-looms

[ResearchtheFacts]

11:14 PM on 06/01/2010

Nice touch buy Transocean now. The dominoes have not finished falling and the BBC has a different take on it. If you like high risk stakes, go for it.

[ProFormaArtista]

09:53 PM on 06/02/2010

If that is the case, where is the missing wealth which these nations have lost? It has to be somewhere, yes? Where?

If the world's economies know where it's at, then they can retrieve it. Declare "War on Lost Wealth." No sweat, The first person there gets to keep it. Since the US has the largest military in history, then all it needs to do be ready, willing, and able to recover it.

[PlasmaX]

09:31 PM on 06/01/2010

I'd like to see the same numbers and analysis of the US ? Please post them if you have.

[Cipo]

09:44 PM on 06/01/2010

Here is a very comprehensive overview of worldwide sovereign debt loads. Take a good look at those riots in Greece. Coming to a city near you in the next 3-4 years.
http://www.zerohedge.com/article/mckinsey-sovereign-deleveraging-and-untenable-debt-loads

[DanielGehrig]

08:04 PM on 06/01/2010

And some people think it is a good thing to emulate Europeans because....?

[Shannon Tanski]

08:30 PM on 06/01/2010

Because.....there's a lot more to a continent than the debt of the countries on it..?

[mountainweb]

09:35 PM on 06/01/2010

Yo, the problem is the DEBT. Just look at California, one deficit budget after another just like Greece. Now, even they have to admit that at some point, someone has to pay the bills.