Dipole:
Do you think a default in Greece and possible downfall of the Eurozone could bring on another period of severe destabilisation?
WWW:
Ps Greece will default, the Euro will split.
Every year at the end of the spring we hear that one.
We forget a few facts that would be interesting to remember: the total company/private/public(national) Euro zone debt is lower than the Japan, UK or US one.
Euro zone is the first exporting economy in the world, far ahead of China or the US. Exporting means real money, from the factories not from the printer.
Germany economy growth is 1.5% this first trimester (it means a rate of 6% a year during this first trimester) France 1% (means 4% blablabla). Those 2 countries represent 50% of the Euzone GDP with this past few months an average gowth of 5% a year... While Greece represents 2.6% of the Eurozone GDP. Seing the future of the Euro zone because of what's happening in Greece that's like forseing the future of Japan based on the Fukushima prefecture (bad comparison, my apology to the Greeks), or predicting what will happen in the US referring to the state of louisiana or Georgia. For example the Alaska or New York state are much more in debt than Greece, and New York for example has a much higher economic weight in the US than Greece has in Euro zone (10% for New York, 2.6% for Greece).
In 2008 all news paper were already saying that Euro zone would explode, a few month before the economic turmoil started in the US...
The Eurozone "bankrupt", "turmoil" or whatever else has been used those past few years by some country, media and politics to avoid to look at themselves. UK for example has TWICE MORE EXTERNAL DEBT than France but without its industry... Here I see a BIG WARNING, much more important than Greece.
My point? If you are afraid the Eurozone may influence your pilot career, so take into account at least as much the potential dollar collapse, the US or UK economy metldown, or the fuel price.
The conclusion of my point: it's worse than what you may think.
With so many economies struggling in the financial downturn, it is always worth wondering just how badly indebted are the major countries of the world. The presumption would be that the small undeveloped countries bereft of resources would be those most in debt, but the opposite is in fact true.
The following list details the top 10 indebted countries according to external debt, or the total public and private debt owed to non-residents repayable in foreign currency, goods or services (figures correct at the time of writing, unless otherwise stated).
United States of America - $13,399,859,000,000
The richest country in the world is also the most indebted. The United States is an astonishing $13.3 trillion in debt as of June 2009, putting each American citizen approximately $43,000 in debt.
United Kingdom - $9,191,104,000,000
Second on the list is the UK. With a relatively small population, the UK's debt per capita stands at $150,000, more than three times the debt of the average American. Huge loans for mortgages on inflated housing prices are a contributing factor to the UK's massive debt.