HSBC: The future of Europe looks very grim

Europe – Eurozone’s economic woes are well documented. High levels of unemployment, low levels of productivity, inefficient socialist governments and high social security bills are all hallmarks of the region’s failed economic experiment. The Eurozone was supposed to unite a continent that has been ravaged by wars. The project’s initial designers saw the Eurozone as a long-term unification project designed to bring prosperity to all of the region’s economies. But the continent’s long-term economic problems are highly likely to leave long-term scars. The cost of inaction by European governments to cut bureaucracy, reign in spending and stimulate growth is high,…