The EU/ECB only really ever kicked the can down the road so to speak with the Eurozone debt crisis.
The southern Mediterranean countries are obviously somewhat reliant on tourism spending for significant part of their job market/GDP, some more so than others, with spending obviously dive bombing over the previous two years - Travel and tourism GDP share by country EU 2022 | Statista
Ignoring the other factors like the Euro is probably too strong a currency for some of those countries, or Greece having a fair amount of tax avoidance, Italy’s aging population (highest average age in Europe I believe).
Quite the predicament to resolve…
If anything, the more data I see the more it tells me bonds are way likelier to outperform equities than otherwise. We’ve had (some) multiple compression, now comes the recessionary ‘e’ compression (starting to be seen already with retailers, Micron today etc). Bonds on the other hand have had to price in rate rises and are starting to behave like a haven asset again.
Looks like Boris might finally be heading to the hangman’s noose. Chancellor Rishi Sunak & Health sec Sajid Javid have both quit saying they cannot serve in his government.
To lose one cabinet minister is careless to lose two is …