Old people. The country has a massively generous pension system that's breaking the government's back. Remember, the recession hasn't even been all that deep in comparison to other countries.
But demographics and pension are a problem throughout Europe. It's just a matter of timing.
We identified the worst countries by a composite ranking of (1) the pension-to-GDP ratio in 2035 and (2) the decrease in working age population (relative to total population) by 2020. All data comes from the European Commission's 2009 EU Aging Report.
Meet the demographic dogs of Europe >
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See Also:
- Look At What The German Media Is Saying About Greece
- European Finance Minister Refuses To Admit He Needs IMF Help For Greece
- European Politicians Will Pay Any Price To Bail Out The PIIGS Because Sovereign Defaults Would Destroy Their Banks