iShares MSCI Ireland ETF
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The EU (European Union) has ordered Luxembourg on Wednesday, October 4, to retrieve ~250 million euros in back taxes from Amazon.com (AMZN).
Europe’s average unemployment has fallen to a four-year low of 9.8% as of 2016. Greece’s seasonally adjusted unemployment rate was 23.5% in January 2017.
The troubled PIIGS countries—Portugal, Italy, Ireland, Greece, and Spain—have been suffering from financial sustainability concerns about large fiscal deficits and stagnated growth.
Two bailouts got Greece up and running. After trending downward until early 2012, the Athens Stock Exchange Composite Index began to show signs of life.
The subdued economic momentum in Greece has had a direct—and negative—impact on its ability to honor its foreign obligations, specifically its bailout loan.
Another example that highlights the heterogeneity within the European labor markets is Spain versus Ireland. Spain and Ireland both experienced large employment destruction in the construction sector after the Lehman shock. However, they fared differently during the sovereign debt crisis.
The strength in Irish growth performance was confirmed in 1Q14 when the gross domestic product (or GDP) increased by 2.7% quarter-over-quarter. Although the growth was primarily driven by increasing net exports, domestic demand also made a positive contribution. Both private consumption and gross fixed capital formation increased in year-over-year (or YoY) terms.
The PIIGS nations are Eurozone’s most troubled economies. Considering historical and recent economic developments in these nations, most of them have been in serious financial trouble in regards to sovereign debt. The trouble with the PIIGS nations and the Eurozone economies lies in their monetary union.