Good morning ! As we wait for details on the Second Rescue Deal that the greek parties , PM L-Pap and the Troika have struck ( while we also wait to see whether the greek Parliament and the greek street will tolerate the latest assaults ) , let's look at other items coming down the line. As austerity has struck , unemployment has continued to ramp up faster than the lies out of politician's mouth - looking at the numbers from November , unemployment has now hit 20.9 percent , up from 18.2 a month earlier! Correspondingly , manufacturing output contracted by 15.5 percent in December ( year over year ) , Industrial output fell by 11.3 percent , compared to - 7.83 percent in November ! Does anyone realistically believe further harsh austerity measures will improve one bloody thing for Greece ? As Greece copes with depression , spain , Portugal and Italy have recession looming or underway - with further austerity coming down the line , we already hear cries for debt renegotiation coming from the Unions in Portugal ,as well as the Finance Minister of Ireland. spain and Italy have been silent for now , how long do we expect that to continue ? In light of the already fragile economic conditions in Greece , Italy and Spain - factor in the impact of the EU boycott on oil from Iran - how can this not totally scotch whatever carefully considered budgetary plans drawn up for these nations ? One that note , consider the following !
Spain pain: ‘Iran oil embargo to backfire on Madrid’
Published: 09 February, 2012, 00:46