Wednesday, 29 September 2010

Austerity strikes hit E.U. nations

Just a quick post before I go make dinner: A number of EU nations have been gripped by debt recently and this has rendered 23 million people across the EU jobless.- a situation that has led to a number of protests in Europe's major cities, in particular Brussels and Barcelona but also in Greece, Italy, the Irish Republic and Latvia.

Everyone is feeling the pinch of the credit crunch, and as a student I'm not finding easy having to juggle between my course and 2 part-time jobs, and with no guarantee of a job once I leave it's no surprise that depression is also at an all time high.

Personally I think that the new austerity measures being implemented by the EU are a necessary evil, with the stock markets spiralling still (as Warren Buffet predicted they would in 1999 at Sun Valley), the world has a long way to go before it can pull out of this recession. Therefore reducing pensions, increasing the age of retirement and cutting wages are somewhat necessities if the EU and its sovereign states are to pull out this recession.

On the other hand though this recession can be mainly attributed to the fault of the banks and of the incompetent and corrupt bankers that run them and so they should be held more responsible than they have been. I think that they have got off leniently and considering their recklessness has set back the growth of many Western countries, the most culpable bankers should be brought to justice and charged accordingly.

I know this has become a tired subject now, but it is still a relevant one so feel free to post any comments you might have below. 

If you want to know more about the situation then follow the link:


  1. Being broke sure sucks. Good luck blogging!

    If I could give you a tip though, you might want to change the font color ;) it's a bit hard to read!

  2. to get out of this, the consumers and banks and government have to work together. The reason we've been hit so hard is because we as the consumers havent been spending enough to loosen the economy which results in the government having to raise prices, because they dont gain enough money.