France and Italy could be the next European economies to crash

Sunday, May 29, 2016
By Paul Martin

Denied the option of devaluation, both countries have relied on debt-funded public spending to maintain economic activity and living standards. The people and their representatives refuse to face reality

Satyajit Das
May 29, 2016

Certain diseases attack the peripheries before vectoring in on vital organs. Following a similar trajectory is the European debt crisis, moving ever closer to the core. Italy and France are now especially vulnerable.

Defenders argue that Italy and France are large modern nations, with enviable economic pedigree. They are, respectively, the 13th and 9th largest economies in the world; gross domestic product per capita in 2014 is estimated at $34,500 (£23,590) and $40,400 (£27,624).

They have large populations, an educated and productive workforce, well developed infrastructure and considerable economic and social capital. Both countries are major agricultural and industrial powers, strong in advanced technical products, luxury goods, food processing, pharmaceuticals and fashion. Both are major exporters and significant tourist destinations.

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