European-style welfare states are lovely!

[abowsh]

94. That wasn't the reason for it, that just made it happen sooner.

Austerity discussions for the PIGS were happening back in the mid-2000s. Everyone knew that some changes would have to be made, but they didn't think they would be needed so soon. Many governments ignored how intertwined their debt had become between other European nations, which caused a bit of a snowball effect.

I only know a few Germans, but I often hear a bit of right-wing rhetoric from them when they discuss the debt situation. Many view southern Europe as filled with lazy bums who have been benefiting from northern Europe's (and especially Germany's) hard work. Is this true? Not really. But they have a reason to be upset. The governments of Italy and Greece have tried to pretend there wasn't an issue in order to keep their power in government. Silvio had done this masterfully in Italy for years in regards to their debt.

Their healthcare and social programs did have quite a bit to do with this, but again, that's really only because politicians had tried to delay the necessary changes for years. Their systems are not broken, but they do need to be tweeked. Ignoring the needed changes for years, combined with a global economic crisis, is what put the PIGS in this situation.