EU warns of living standards plummeting to Latin American level...

[Grandluxe]

....If EU breaks up.

http://www.telegraph.co.uk/finance/financialcrisis/8846201/Debt-crisis-live.html
By Matthew Holehouse, Andrew Trotman and Rachel Cooper2:33PM GMT 11 Nov 2011

José Manuel Barroso warns: a eurozone collapse will send the continent into depression.

The collapse of the eurozone would cause a crash that would instantly wipe out half of the value of Europe’s economy, plunging the continent into a depression as deep as the 1930s slump, the president of the European Commission has warned.

Mr Barroso said that if the euro area of the 17 member states or the wider 27-country EU broke apart the estimated initial cost would be up to 50 per cent of European gross domestic product.

The result of such an economic shock would be emergence of extremism and divisions within Europe, the former Portuguese prime minister told his German audience.

A eurozone crash, the commission has predicted, would see £10 trillion wiped off the value of the European economy, a catastrophe that would send living standards plummeting to the levels of Latin America.

 

[nazzdack]

Quote from Grandluxe:
----If EU breaks up.
----eurozone collapse will send the continent into depression.
----wipe out half of the value of Europe’s economy....
----a depression as deep as the 1930's....
----estimated initial cost would be up to 50 per cent of European gross domestic product.
----£10 trillion wiped off the value of the European economy....
----living standards plummeting to the levels of Latin America.

1) Globalization ought to mostly "average out" living standards throughout the world, hopefully later rather than sooner. :eek:
2) A renewed bear market will accelerate the process.

 

[Random.Capital]

Sounds like a Portugese official with his hand out for a bail out...

 

[BVM88]

What else would you expect these pigs who are only interested in keeping their snouts in the trough to say. A depression is coming no doubt, but its their self serving policies that have brought the world economy to its knees, and they will continue to kick the can until there is no road left.

http://www.youtube.com/watch?v=yftaq23nlk4

 

[ashatet]

Portugal, Spain, Belgium, Bulgaria, Poland, Greece etc, if you look carefully are much less productive than many Latin American countries. Even France is not very productive. Germany, Italy, UK, Dutch will be fine because they produce lots of high end stuff.

 

[Roark]

What about standards in the US plummeting to Latin American levels? Already happened?

 

[trefoil]

Quote from ashatet:

Portugal, Spain, Belgium, Bulgaria, Poland, Greece etc, if you look carefully are much less productive than many Latin American countries. Even France is not very productive. Germany, Italy, UK, Dutch will be fine because they produce lots of high end stuff.

Huh? France is home to quite a few world-class companies. According to the CIA World Factbook's data, France is the 6th largest exporter in the world, hardly a poor ranking, and none of its exports are of unfinished commodities, unlike, say, Brazil or Argentina.
Unattributed assertions seem to be the norm around here. A little research goes a long way. Shoot, any research at all.

https://www.cia.gov/library/publications/the-world-factbook/geos/fr.html

 

[AKUMATOTENSHI]

Quote from Roark:

What about standards in the US plummeting to Latin American levels? Already happened?

It is getting there. The place in my opinion is 2nd world at best. Every day I see it, the dropping level of wealth, people coming in because the benefit money ran out before the end of the month. The politicians better get moving and refill the punch bowl before the masses wake up.
Who cares about the EU let them rot. The Chinese are in control and driving the planet forward. The Western world is in terminal decline. The new global standard will be "Back to your job slave or no food for you."

Welcome to Planet Misery,

Akuma

BUY GOLD!!!

 

[Roark]

Could be worse. Living standards might plunge to African levels.

 

[AKUMATOTENSHI]

Quote from Roark:

Could be worse. Living standards might plunge to African levels.

Could be better also. Your equivication means let the whole planet fall. Back to the stone ages humanity goes. When the leadership either acknoleges the root source cause of the issue or finds some other nations to offload the debt onto we are all ^%$ed. Africca BTW is going to emerge as part of the globalization process. China and India are already pumping billions into the continent.

Welcome to Planet Misery,

Akuma

BUY GOLD!!!