News Analysis: 'European banks are technically bankrupt' [PressTV]
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When it comes to the eurozone debt crisis: there is one fundamentally important question: Can countries in trouble implement all the necessary austerity programs and still grow their economy enough to pay off the remaining debt? Take Spain for example: 100 billion euros recently in a bailout, or for restructuring as they called it, accompanied by a 60 billion euro austerity package, in a country with an almost 25% unemployment rate. Greece: 360 billion euros in debt, again accompanied by harsh austerity cuts: unemployment there at 22.5%. France has its own debt crisis, heavily invested in Greece's loans. And in Italy: economy will contract by 2.4 percent or more this year, doubling the official government forecast of a 1.2 percent shrinkage. In this news analysis, we will make the case with our guests how almost all European countries find themselves confronted with debt problems, as the world is awash in so much debt that according to some economists, it can never be paid back without printing money, as is the case with the US.