Euro Area Savings Rate Drops To Record Low, Disposable Income Has Biggest Drop Ever

A month it was the US which saw its savings rate plummet to the lowest since the start of the Second Great Depression...

And now it is the Euro Area's turn to see its savings crumble to 12.2% in Q4 2012, from 12.8% previously, the lowest in, well, ever, since the adoption of the Euro:

Why? Gross disposable income just imploded, dropping at the lowest "growth" rate ever. Notably, wages were a far bigger detractor to income than taxes.

And the same on a per capita basis. Bloodbath:

We know: austerity's fault (just ignore absolutely everything else that is broken in Europe). See how easy that was?

Source: Eurostat