In the last quarter of 2009, the eurozone’s total economy grew by just 0.1 per cent.
Germany’s did not grow at all. Italy’s fell by 0.2 per cent, Greece’s by 0.8 per cent and Spain’s by 0.1 per cent. Over the whole year, Germany was down 2.4 per cent, Italy 2.8 per cent, Greece 1.7 per cent and Spain 3.6 per cent.
The major capitalist economies, the USA, Japan, the EU members and Canada, are all hugely in debt, none more than Britain. If one adds up government, commercial and personal debt, Britain’s debt was 220 per cent of GDP in 1990, 280 per cent in 1998 and 480 per cent in 2008. In 1998, the debt was only a bit more than other countries (except Japan), but by 2008 ours was the worst, equalling Japan’s.