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Like Spain, the unemployment rate in Greece is well above 20 percent and the youth unemployment rate is above 50 percent.
The only reason the Greek financial system has not totally collapsed is because of outside assistance, but now there are indications that the assistance may soon be cut off.
At this point there are persistent rumors that the IMF does not plan to give any more aid money to Greece unless Greece “shapes up”.
Meanwhile, the suffering in Greece just gets worse and worse.
Sadly, most Americans pay very little attention to what is going on in Greece and Spain.
Most Americans just assume that we will always have “the greatest economy on earth” and that we can take prosperity for granted.
Unfortunately, the truth is that the United States already has more government debt per capita than either Greece or Spain does.
Just like Greece and Spain, we are also rapidly traveling down the road to economic oblivion, and depression-like conditions will arrive in this country soon enough.
So enjoy these last months of economic prosperity while you still can.
A whole lot of pain is on the horizon.
Copyright © 2012 The Economic Collapse
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