10 Reasons Why You Should Worry About The EuroZone Debt Crisis

European Union

Here's the latest from our Highly Placed Professional.

1. Taxes. If your government can't borrow cheaply, it will have to pay a lot more to borrow and service its debts. Bad news for all Europeans.

2. Even citizens of powerful economies, like Germany, will see the direct effect of continual bailouts in the form of higher taxes, and ironically domestic austerity due to enforced cost saving.

3. Personal savings will be wiped out, as inflation balloons ever higher. It's the combined effect of far higher borrowing costs and inflating the money supply to pay for bailouts and other 'necessities'.

4. The Euro, or what's left of it, will be worth a lot less, leading to further imported inflation.

5. Property values will stay in a slump. Why would international investors want to pump money into the Eurozone when they don't know if it will survive ? (That's why they are buying in the UK and Switzerland instead).

6. Civil unrest will worsen. Hey a nationalistic, right wing, Fascist, xenophobic Goon Party may even arrive at a street corner near you.

7. War! Typically the last resort of choice to sort out an international breakdown of understanding. Let's hope the Eurocrats keep talking. 'Jaw jaw, not war war..' to quote Churchill.

8. Unemployment will rise further as the public sectors in all EU countries tighten their belts. The irony is that the only bloated public sector that just keeps on bloating happily is the European Commission itself.

9. More political apathy and black market activity. Can you blame Europeans for taking matters into their own hands when they see how badly their leaders have failed them ?

10. Retirement ages will lengthen ever further into the future. No more Greek style retirement at age 48. Try doubling it and you may be a lot closer to the new European average retirement age. Have a nice (working) life.

Source - Our Highly Placed Professional

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