Often termed as the strongest (and the only) Economic Union in the world, the European Union has had more on its plate than it could ever handle. And this year things seem to be spilling out of control once again after the Euro zone debt crisis haunted the area.
This time the problem lies in 5 countries which can be categorized as the PHIGS: Poland, Hungary, Italy, Greece, and Spain. With the debt crisis of Greece being an issue, which is quite literally unresolvable without superhuman intervention, the bailout process of the country cost Europe more than it can afford.
Italy’s Debt and The New Government
As of now the debt of Italy stands at a mighty 2.1 trillion pounds, and with the corruption scandals of two of the most popular parties; the M5S and the league, the European Council is forced to admit that the debt spiral of the country is already beyond the control of the authorities. For the past 3 months Italy had been faring without a government, now that one has been selected based on two parties, Europe’s efforts directed against immigration with promises of employment in an inflexible market is still in the air facing an unpredictable future.
The Spanish Goal
The unpopular vote for the duopoly that has existed in Spain for so long has given a result which was long expected; Prime Minister Pedro Sanchez 84 out of 350 seats in the parliament. These figures are worrisome for a country which is about to experience its third election in 3 years because of Catalonia’s struggle for independence.
How Far Will the Charity Go?
The answer rests solely with Germany and France, who seem to be in no mood to single handedly take care of the situation amongst a new tariff war being waged by President Trump of the USA. Miracles required to back Europe out of this corner are yet unknown.
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