Bad Year, Stellar Results

Nothing particularly good happened in 2012. The economic Armageddon in southern European countries worsened. Unemployment reached 25% in Greece and Spain. In both countries, more than one in two people aged 15-24 that want a job don’t have one. Greece agreed a ‘debt swap’ in March of last year – swapping an old €100 debt for a new €30 debt is a default in anyone else’s language - and is no chance of repaying what’s left. Portugal and Spain will likely need their own swap at some point and even France, one of the economic giants of the region,...

Nothing particularly good happened in 2012. The economic Armageddon in southern European countries worsened. Unemployment reached 25% in Greece and Spain. In both countries, more than one in two people aged 15-24 that want a job don’t have one.

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