The problems in different European countries derive from very different circumstances. In Spain, for instance, the economic crisis is almost a duplicate of the American crisis back in 2008--same banking shenanigans with the same result. The same kind of thing happened in Cyprus. So in both places the problems are a direct result of early 21st century pseudo-capitalism. In Greece the problem has a different source, a combination of really over-generous benefits to Greek citizens and an under-willingness on the part of those same citizens to pay their taxes. The benefits side of things is "socialistic," but it's not just socialism that's responsible for the problem.

From this side of the pond, it seems that the most socialistic of European nations--the Scandinavians--are doing pretty well.

edit: I put "socialism" in quotation marks because I don't really know that Greece or any other place in Europe is, strictly speaking, socialistic. If there is public ownership of the means of production, then yes--socialist; otherwise, I don't know what to call it.

Edited by yoyo52 (04/10/13 01:15 PM)
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