From Crisis to Collapse
Recent events in Cyprus have again silenced the optimists. The latest in Europe’s cycle of serial crises could by some estimates cause the Cypriot economy alone to shrink by as much as 15 percent this year. Meanwhile, the Greek economy has contracted by 25 percent since 2008, the Italian economy is again beginning to slide, and in Spain unemployment is over 27 percent, with youth numbers surpassing 56 percent.
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Nicholas S. Siegel is the Senior Program Officer at the Transatlantic Academy, where he helps develop and direct the Academy’s policy research projects on China’s rise, the competition for natural resources, Turkey, Spain, and the future of Western democracy.