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Europe's Scariest Chart Update: Italy Now Worse Than Portugal

Tyler Durden's picture




 

For the first time in two years, Italy's youth unemployment rate is now higher than Portugal's at a staggering 38.7% (which is where Greece was just two years ago). Apart from Germany (which fell from 8.0% to 7.9%), every other nation saw youth unemployment rates rise with a record 24.2% of European youth unemployed. Greece (59.4%) and Spain (55.5%) remain the most concerning as we noted in the past, austerity sounds straightforward as a policy, until the consequences bite in terms of social unrest.

 

 

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Fri, 03/01/2013 - 12:05 | 3290253 realtick
realtick's picture

work is overrated

Fri, 03/01/2013 - 12:07 | 3290263 nope-1004
nope-1004's picture

Compensation for it must be then too.  Can they just live off their love?

 

Fri, 03/01/2013 - 12:14 | 3290306 ParkAveFlasher
ParkAveFlasher's picture

I hear that in Italy, your welfare checks are etched in little marble tablets.  And with it they give you a little chianti and something to eat, just a little bit, for you to tide you over, that's all.

Fri, 03/01/2013 - 12:27 | 3290335 AlaricBalth
AlaricBalth's picture

The old get old and the young get stronger,
May take a week and it may take longer,
They got the guns... But we got the numbers!
-The Doors, Five To One

http://www.youtube.com/watch?v=0bAFITGnjrg

Young people have served as the catalyst for social change and revolution throughout history. A lost generation is bold, unpredicatble and perilous to those in power. They have nothing, therefore nothing to lose.

Fri, 03/01/2013 - 12:28 | 3290405 Cpl Hicks
Cpl Hicks's picture

Yes, the young get stronger, except when they die in a bathtub from the effects of a massive coke, heroin and whiskey speedball.

Fri, 03/01/2013 - 12:28 | 3290406 TrumpXVI
TrumpXVI's picture

Numbers vs guns, yeah, the North Koreans thought that would work out okay, too.

Quad fifty video.

http://www.youtube.com/watch?v=EKSSNPqocsA

Fri, 03/01/2013 - 12:29 | 3290412 Buckaroo Banzai
Buckaroo Banzai's picture

Unfortunately, young people of the west have been thoroughly indoctrinated in Fabian Socialism/Cultural Marxism. So don't look to our youth to do anything besides totally fucking everything up.

Fri, 03/01/2013 - 12:32 | 3290435 Element
Element's picture

No really, Europe is getting better every day. Spain especially.

Fri, 03/01/2013 - 12:47 | 3290481 Ghordius
Ghordius's picture

Buckaroo, remember how you were telling to a German lately something like that his country is hopelessly socialist?

a little factoid that might interest you: Germany, together with Austria and Italy don't have a "minimum wage"

the very hallmark of Fabian Socialism, one of their greatest "accomplishments"

----

http://en.wikipedia.org/wiki/List_of_minimum_wages_by_country

(yes, there are usually "nationwide collective bargaining agreements" but they typically don't cover that part of unskilled labour that gets priced out of the market according to the critics - you need to be skilled to be part of a collective agreement)

Sat, 03/02/2013 - 19:04 | 3294227 thisandthat
thisandthat's picture

I like the unskilled labour bit - you have to be skilled to perform any task properly, regardless of whether you acquire those skills through school or experience.

Fri, 03/01/2013 - 12:14 | 3290319 Banksters
Banksters's picture

Good news the US has decoupled... from reality.

Fri, 03/01/2013 - 12:06 | 3290259 jeff314
jeff314's picture

No need to work just trade the market. thing are fine now...

Fri, 03/01/2013 - 12:07 | 3290267 fonzannoon
fonzannoon's picture

No going back now. Get in there Beppe and detonate that shit.

Fri, 03/01/2013 - 12:08 | 3290270 Yen Cross
Yen Cross's picture

 Look at how wide the bond spreads in Europe are now. The bund is down 4bps! Italy is barking on Spains heels.

 

     http://www.investing.com/rates-bonds/government-bond-spreads

 

Fri, 03/01/2013 - 12:09 | 3290281 Black Markets
Black Markets's picture

Prepare the horse mince machine...

Fri, 03/01/2013 - 12:15 | 3290320 Cognitive Dissonance
Cognitive Dissonance's picture

We have moved past that to pure horse shit.

Fri, 03/01/2013 - 12:18 | 3290344 Never One Roach
Never One Roach's picture

Rumor has it, "a deal is near."

Fri, 03/01/2013 - 12:31 | 3290427 Cpl Hicks
Cpl Hicks's picture

Here's the deal I want:

Barry's scrawny ass loaded on a skeet launcher and Mitch McConnell yelling "Pull!".

Fri, 03/01/2013 - 12:10 | 3290285 NoDebt
NoDebt's picture

Are they unemployed and drawing a government check?  That's all I want to know.  If they are, they will remain passive.  If they aren't, this is a powder keg.

 

Fri, 03/01/2013 - 12:54 | 3290598 Ghordius
Ghordius's picture

as all things in europe, it depends. some of the numbers were anyway fantasy even in the 90's, particularly the Spanish ones - American readers might be astonished to read that for peculiar political reasons in Spain those numbers were always overstated

in Italy, there are people that work in summer in tourism and spend four months in places like Thailand (it's cheaper) and get on the statistic as partially unemployed (so unemployed it is)

the scary number is in Greece - there you'll find real pain, locally

I'm not trying to talk the numbers down, just as a matter of perspective

to your question: yes, they do get a gov check - but the amount on it is often nothing to write home about

Fri, 03/01/2013 - 12:10 | 3290288 Dick Darlington
Dick Darlington's picture

Well this explains why european equities keep climbing. LOL

Fri, 03/01/2013 - 12:12 | 3290304 natronic
natronic's picture

Looks like another 200 points on the dow after those numbers

Fri, 03/01/2013 - 12:13 | 3290309 Cognitive Dissonance
Cognitive Dissonance's picture

The EU ball of yarn is unraveling.

<Fed to the swaps room stat.>

Fri, 03/01/2013 - 12:13 | 3290310 Robot Traders Mom
Robot Traders Mom's picture

I wonder how bad the real numbers are...

Fri, 03/01/2013 - 12:13 | 3290311 Everybodys All ...
Everybodys All American's picture

Hard to fathom why Italy and especially Greece continue to stay in the EU and Euro.

Fri, 03/01/2013 - 12:17 | 3290339 Banksters
Banksters's picture

The bankers game is to infest sovereign countries like a cancer.   

Fri, 03/01/2013 - 12:53 | 3290577 chubbyjjfong
chubbyjjfong's picture

Its the incredible amounts of money the bankstas make from this whole horendous situation. The money they distribute to each other in the bailout 'Ponzi' farce process conbined with the premiums they collect from the mind boggling quantity of derivative money betting against them. It is more than likely that those institutions providing bailout money are one and the same institutions that issue the derivatives which bet against them.  The derivatives mean that 1 default will be game over. For the bankstas the choice is simple; keep the charade/ponzi going and make filthy amounts of money in the process or face complete oblivion through a default. By ensuring bailouts, they have a license to print money (pun not intended). Austerity is just a distraction from the real crimes.  Its just truely astonishing.

Fri, 03/01/2013 - 13:00 | 3290638 Ghordius
Ghordius's picture

why? because of the consequences - if getting out, devaluing by half and then stabilizing your currency would lead to prosperity, every country would do it every ten years

ask any South American

Fri, 03/01/2013 - 12:13 | 3290313 GolfHatesMe
GolfHatesMe's picture

Stuff that used to matter

Fri, 03/01/2013 - 12:14 | 3290316 yogibear
yogibear's picture

It goes on until she blows.

 

When it becomes serious, you have to lie." -Jean Claude Juncker

Fri, 03/01/2013 - 12:42 | 3290501 orangegeek
orangegeek's picture

George Costanza: Jerry, just remember. It's not a lie... if you believe it.

Fri, 03/01/2013 - 15:30 | 3291256 W74
W74's picture

Said one jew to another.

Fri, 03/01/2013 - 12:20 | 3290352 Black Markets
Black Markets's picture

Spain should invade Germany.

Fri, 03/01/2013 - 12:21 | 3290355 Black Markets
Black Markets's picture

2013 is all about France.

Fri, 03/01/2013 - 12:21 | 3290361 20834A
20834A's picture

My thought is that the fear of USA youth social unrest is (one) of the agendas for HR748. I didn't have kids so that they could serve the gov't, or even serve society. My hope was that they would be good, productive, generous people who could pursue thay're own idea of happiness. And they ARE! 7 YEARS!? When do they put down roots, buy a house, have kids (without the gov't big teat), develop a career?

FORCED community service is a punishment meted out to low-level lawbreakers. It's not the lifestyle of the land of the FREE.

http://beta.congress.gov/bill/113th-congress/house-bill/748

Fuck Charlie Rangel

Fri, 03/01/2013 - 12:25 | 3290385 sudzee
sudzee's picture

China + 150 million jobs
World youth - 150 million jobs
Winner - WALMART

Fri, 03/01/2013 - 12:27 | 3290399 Haus-Targaryen
Haus-Targaryen's picture

I thought Maxxine Watters said it was 170 million jobs.

Fri, 03/01/2013 - 15:22 | 3291231 Rogue Trooper
Rogue Trooper's picture

Affirmative action in CONgress, why even a complete moron can just get ahead, it's all about fairness equity.  That being said if they where all has retarded as she is then this nightmare would probably all be over by now. It's the intellectual psychopaths we need to worry about. Kind of like Hannibal Lecter armed with Excel, a printing press....  and a few good drones :(

... meanwhile the circle jerk continues.

Fri, 03/01/2013 - 12:28 | 3290407 Element
Element's picture

China really should talk to Greece about their state of the art moonshot technology.

Fri, 03/01/2013 - 12:28 | 3290408 mirac
mirac's picture

They all live at home with Mama and Papa whether they work or not and drink Cinzano or Campari

Fri, 03/01/2013 - 12:34 | 3290440 Paracelsus
Paracelsus's picture

Once the SHTF I wonder what the effect will be on tourism.All the little espresso bars and discos will be hosed. Much tourism in Greece lately? I think that as well as the finance side of things,ZH should do an article on how these countries have had their politics manipulated by outsiders for the last hundred years.Where would we be now if this had not occurred?  The world wonders..... 

Fri, 03/01/2013 - 12:47 | 3290530 Paracelsus
Paracelsus's picture

Portugal hasn't been in the news much but I guess they are having a brain drain,all the talented moving to Brazil.Interestingly,Portugal had an overseas empire until recently,and when it came crashing down due to economic factors,these colonies were faced with sudden independence,without the structural preparation for multiparty government,and often the only revenue stream being the sale of the countries' natural resources.These funds were often wasted on the large scale purchases of defense equipment,and stuffing of Swiss numbered accounts. Seems like a blueprint for the rest of the planet.

Sat, 03/02/2013 - 19:12 | 3294238 thisandthat
thisandthat's picture

You are wrong and Angola won't be investing in your country any more, now, you neocolonialist pig ;)

Fri, 03/01/2013 - 12:49 | 3290557 dogbreath
dogbreath's picture

I was staying at a hostel in germany in 2010.  It was a busy place but maybe it was just busy season.   I talked with one of the owners and he said that they could only afford to hire student because of all the benefits that  must be paid for full time workers.  This might explain the lower under 25 unemployment rate.

Fri, 03/01/2013 - 12:52 | 3290580 Downtoolong
Downtoolong's picture

Maybe instead of watching funds flows in Europe we should watch human traffic, as people try to find a country to live in that isn't totally effed up. My advice, don't come to the USA, we got nothing here either.

Fri, 03/01/2013 - 13:11 | 3290714 No Euros please...
No Euros please we&#039;re British's picture

Fitch say political instability is negative for Italy.

Guess you need a PhD in economics to run a ratings agency and come up with insight like that.

Fri, 03/01/2013 - 13:17 | 3290750 Ghordius
Ghordius's picture

+1 LOL - funny if you think about it: twenty years ago the lower chamber in the hands of one party only that also sports the Prez and the upper chamber with two parties being able to have a supermajority would have been super-hyper-stable

Italy has an history of five-party coalitions, minority governments and technical "bridges" that is unmatched

and produces plenty of political cabaret, of course

Fri, 03/01/2013 - 13:21 | 3290777 americanspirit
americanspirit's picture

It isn't just the rate of unemployment among young people - it's which young people are unemployed. For the most part the unemployed youth are those who have never believed they had a future anyway. Many of them are from immigrant families - not all by any means, but many. The fact that the young people now without jobs and with no prospects of employment are largely those who never believed they had a stake in society means that they will not hesitate to join in tearing society down as soon as some "leader" rallies them to that cause. It has happened before in Europe, and it will happen again. Soon.

Fri, 03/01/2013 - 14:10 | 3290967 Long_Xau
Long_Xau's picture

But but... Portugal is now BETTER than Italy!

Sat, 03/02/2013 - 19:07 | 3294235 thisandthat
thisandthat's picture

My question is - is youth unemployment in Portugal really down? Migration must be working (lol), then...

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