SPIEGEL INTERNATIONAL says:
Greece is only the beginning. The world’s leading economies have long lived beyond their means, and the financial crisis caused government debt to swell dramatically. Now the bill is coming due, but not all countries will be able to pay it. (Source)
“PIIGS” = Portugal, Ireland, Italy, Spain.
Total PIIGS funding needs (defined as the sum of debt maturities and budget deficits) over the next 3 years amount to $2 trillion. Total PIIGS funding needs in 2010 alone amount to $600 billion:
It’s too much. Germany and France cannot bail them all out. Neither can the IMF nor the US.
Households across the globe are going to have to help with the Greek bailout over the next three years, and through the IMF portion of the deal, some of those costs will be passed on to Americans as well.
Here’s the US contribution to bail out just Greece: (Source)
- $345.82 per U.S. household
Bailing out Greece is just the start.
Spain, with 20% unemployment, is already seeking a much larger bailout, “Spain will ask for 280 billion euros of aid.” (Source)
The Ant and the Grasshopper: The United States is one of the only industrialized countries that doesn’t have a minimum vacation policy. A survey of six countries by Expedia.com found Americans also start out with fewer vacation days — 12 on average — than workers in any other country surveyed. The same survey, conducted by Harris Interactive and Ipsos-Reid, found the average number of vacation days workers receive in the following countries: (Source)
- France: 39 days
- Germany: 27 days
- Netherlands: 25 days
- Great Britain: 23 days
- Canada: 20 days
- United States: 12 days