By now, you probably know that there is a specter haunting Europe, and that specter is Argentina. Greece’s debt crisis is putting the spotlight on the PIIGS nations of the Eurozone, Portugal, Ireland, Italy, Greece and Spain.
One thing to note is that besides mismanaging their fiscal situation, 4 of he 5 PIIGS are more ethical than the Swedes. Sweden’s total fertility rate per woman is ~1.67.
Ireland = 1.85
Greece = 1.51
Spain = 1.39
Italy = 1.41
Portugal = 1.49
Ireland is the bad seed here, being profligate and unethical. The downside to being ethical is that it makes the welfare state geared toward old age benefits a bit less plausibly sustainable. A simple matter of unfavorable dependency ratios. I suppose the Greeks could invite in huge numbers of semi-literate Anatolian peasants to take care of their aged, but I’m not sure that either set is going to be too excited by such a prospect. I for one hope that the Greeks et al. are ready to welcome their robot overlords! It’s either the tin-man or the Turk.