X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

It is good that Europe has been able to use baling wire and bubble gum to get past the immediate crisis, but they are far from fixing the real problems underlying the crisis. All of this should bode well for US real estate. The real issue in Europe is the underlying politics of the entitlement state where nobody really needs to work hard because you can’t really get fired, and if you are unemployed there is money from the state to keep you living well. Between unemployment and health care, and other socialist programs, you are not left in tough straits. Add to this the crushing red tape and bureaucracy, and the corruption still prevalent in some countries, and there is no incentive to start new businesses. This is especially true in Greece and Italy. Lastly, there are several of the problem countries where few pay taxes and none pay accurate taxes. Everyone has a good pension and nobody has a sense of fear of going hungry. Add to this the spectacle of Berlusconi who has for felony charges against him and who has parties with seventeen year old hookers. The fate of the Euro and in turn the world economy hangs on a guy like that.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.