In all the hysterical frenzy against Donald Trump Europe has slipped out of the news, yet the US is not where most of the problems are, the main problems are in Europe. The US economy is doing very well. In 2015, it had a GDP of about $18 trillion, GDP per capita is $55,868, economic growth rate was 2.4% of GDP, unemployment rate has dropped from 8.9% in 2011 to 5.3% in 2015, public debt was 106% of GDP, retail inflation was 0.7%, fiscal deficit -2.4% and current account deficit was -2.7%. It had a negative trade balance of -$759.3 billion, which is a huge number, but the US can print dollars to pay its bills. The US is protected by 2 oceans to its east and west and by friendly nations to the north and south. Europe is almost the opposite. The UK voted to leave the European Union in a referendum, known as Brexit. Prime Minister, Theresa May will trigger Article 50 in March, which will start negotiations for Britain to leave the EU in 2 years. The UK economy has not done too badly as the weak pound increased exports and tourism. The pound has recovered somewhat following the release of the latest trade figures. Some are predicting that the British economy will continue to grow this year although the direction of the economy will be known once talks start. France is to hold elections for president in March and April and so far there seems to be no clear winner in sight. So far opinion polls suggest that Marine LePen, who is against EU, will win the first round of voting. Francois Fillon is losing votes because of accusations that he employed his wife on a huge salary, paid by the state, when she did nothing. Emanuel Macron, who was expected to win the second round, is facing accusations of an extramarital affair. Whether the French will dismiss these allegations with their famous Gallic shrug remains to be seen. Angela Merkel could lose her reelection bid later on in the year because of her migrant policy. In a u-turn Merkel is proposing to pay migrants to return to their home countries. On the other hand Merkel has been very firm on restructuring Greek debt. The International Monetary Fund warned recently that Greece will not be able to repay its debt and will have to get out of the common currency, the Euro. According to the IMF Greece's debt is at 180% of GDP, will fall slowly to 160% of GDP by 2030 and then rise explosively to 275% of GDP. Unemployment in Greece is at 23%. Analysts are even betting on Italy having to leave the Euro, as public disenchantment grows. The Eurozone economy is doing well at present but the future is uncertain. Some countries, such as Hungary, are against allowing migrants to settle there. The Soviet Union fell suddenly. Will the EU do as well?
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