The PIIGS are falling apart. (Portugal, Italy, Ireland, Greece, Spain) These are the countries that have racked up the most debt, and gotten to the point where they are struggling to avoid default. Most are going around asking for bail outs, or just simple hand outs (anything they can get!) They have spent so much money for such a long time that they have not only run out of all their own cash, but also they have spent up every single dollar that they can loan from anyone else.
It is important to note that this is not corporations that caused this mess. This is the governments of each of these countries. They have created programs where they promised money to people in exchange for their votes, just like here in America with our Social Security, Medicare and Medicaid programs. They have taxed more and more money so that they can buy more and more votes, also just like here. This has brought on fiscal ruin. We know that this is exactly what is coming to America as well if Obama continues to destroy our economy.
Many of these countries are rich in resources, and have well educated populations. There is no circumstancial reason their economies are falling apart. It is simply a result of too many people allowing themselves to be bought off by politicians spending other peoples' money.
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