Europe, Instability and Unemployment

status, the pain is compounded and a politically potent power arises.

The idea that the Germany-mandated austerity regime will be able to survive politically is difficult to imagine. In Italy, with "only" 11.7 percent unemployment, the success of the Five Star Movement represents an inevitable response to the crisis. Until recently, default was the primary fear of Europeans, at least of the financial, political and journalistic elite. They have come a long way toward solving the banking problem. But they have done it by generating a massive social crisis. That social crisis generates a political backlash that will prevent the German strategy from being carried out. For Southern Europe, where the social crisis is settling in for the long term, as...