>The ingredients that contributed to the European crisis are many:

■ Slow-growing, unproductive and uncompetitive economies.
■ Low birthrates and aging populations. (“In the 1950s there were seven workers for every
retiree in advanced economies. By 2050, the ratio in the European Union will drop to 1.3 to
1.” – New York Times, May 23)
■ Generous benefits and social services; cradle-to-grave safety nets.
■ Extensive vacations and strict limits on the work week.
■ Early retirement.
■ Artificially high debt ratings and resultant low interest rates.

To read the full report: EUROPEAN CRISIS