Paul Krugman recently shared a graphic from Eurostat that shows just how bad the employment situation is in Europe on the whole.
Of course, the situation is much worse on the periphery. The graph below shows the evolution of employment in the southern periphery in general (Italy, Spain, Greece, and Portugal) and Spain and Greece in specific during the same timeframe.
If we zoom out to the situation since 2000 (the midpoint between the introduction of the Euro in 1999 and its introduction in Greece in 2001, as well as the point where the data begins), the picture is even starker.
The boom and bust in Spain is epic, but the Greek case is just appalling. Just a year and a half after the first bailout, they were already worse off than before they adopted the euro. No wonder the IMF has issued a mea culpa. But while the collapse continues, it’s steady as she goes at the European Commission and the ECB.