The Hot New Term In Europe Is 'Crexit' — But These Charts Show The Crisis Isn't Over At All

Spain strikes protests

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An op-ed in today’s Financial Times by Allianz chief economist Michael Heise has everyone chattering about “crexit.”Heise writes that in 2013, “it may well not be a ‘Grexit’ for Greece but indeed a ‘Crexit’ – an exit from the crisis – that will come into sight.”

However, nowhere in the article does Heise address Europe’s staggering unemployment – and specifically youth unemployment – crisis. The latest Eurostat unemployment figures released last week indicated rising youth and headline unemployment rates in many countries as economic fundamentals continue to worsen.

Over the weekend, Daily Telegraph editor Ambrose Evans-Pritchard summed it up nicely in an op-ed of his own:

The horror before our eyes right now is social ruin. Europe’s crisis strategy is to the break the back of labour resistance to pay cuts by driving unemployment through the roof. That is what ‘internal devaluations’ are. It stinks. And the ECB is adding to the cruelty by keeping money too tight.

Mr Draghi deserves his accolades, but his job is not yet done. He has saved the rich. Now he must save the poor. Coraggio.

In Spain, the epicentre of Europe's youth unemployment crisis, the rate has soared to 56.5%

Note: Shaded red area represents period of eurozone membership.

Spain is second only to Greece, where 57.6% of those under 25 are unemployed

Note: Shaded red area represents period of eurozone membership.

Italy, the largest and most important economy in the euro periphery, has seen a relentless surge to 37.1% youth unemployment

Note: Shaded red area represents period of eurozone membership.

Portugal's youth unemployment rate has followed a similar pattern but edged down slightly in November to 38.7%

Note: Shaded red area represents period of eurozone membership.

Ireland's youth unemployment rate has rolled over slightly in recent months but still stands near historic highs at 29.7%

Note: Shaded red area represents period of eurozone membership.

Note: Shaded red area represents period of eurozone membership.

In the Netherlands, youth unemployment is near its highest rate since the inception of the euro, at 9.7%

Note: Shaded red area represents period of eurozone membership.

And Luxembourg's youth unemployment rate is at its highest level since joining the euro, at 18.6%

Note: Shaded red area represents period of eurozone membership.

Cyprus joined the euro in 2008, near the onset of the crisis, and now, 27.0% of those under 25 are unemployed

Note: Shaded red area represents period of eurozone membership.

Malta, another late-comer to the eurozone, is now suffering a youth unemployment rate of 16.4%, down from last month's record-high since joining the union

Note: Shaded red area represents period of eurozone membership.

The same goes for Slovenia, with youth unemployment at 23.5%

Note: Shaded red area represents period of eurozone membership.

Slovakia's youth unemployment rate recently leveled out slightly before jumping to 35.8%

Note: Shaded red area represents period of eurozone membership.

However, Estonia, the newest member of the eurozone, is experiencing a drop in youth unemployment, and the current rate stands at 17.5%

Note: Shaded red area represents period of eurozone membership.

Austria enjoys one of the lowest levels of youth unemployment in the eurozone, but the rate has creeped higher recently to 9.0%

Note: Shaded red area represents period of eurozone membership.

Belgium is far from the peak youth unemployment levels sustained during the crisis, but the rate recently bounced higher and currently tops 19.7%

Note: Shaded red area represents period of eurozone membership.

Finland is making slow and steady progress on bringing down youth unemployment, but has a long way to go from its current 19.0% rate

Note: Shaded red area represents period of eurozone membership.

Finally, there is Germany, which doesn't really have a youth unemployment problem – only 8.0% of those under 25 are jobless

Note: Shaded red area represents period of eurozone membership.

Here is a look at the entire picture, with youth unemployment plotted along the x-axis

Read more about Europe's crisis of democracy:

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