Olli thinks is a mild recession, I shudder to think how bad it would have to get for him to call it severe.

The incompetent E>U Commissioner - Olli Rehn, also vice-president of the European Commission, believes the Greek debt swap talks shoud be concluded in "coming days" and urges the country to show stronger political unity. "We are living through a mild recession which can be relatively short under the promise the euro area and the EU will take the necessary decisions on fiscal consolidation and firewalls. Then it can return to growth in the second half of the year." Meanwhile, Spanish unemployment hits 22.9%, and the Greek government, despite having to default on 70% of its sovereign debt, and its €130 billion bailout, still needs another €15 billion to avoid bankruptcy . . . oh, and Greek parents are having to abandon their children to charities because they cannot afford to feed them. If that's what Olli thinks is a mild recession, I shudder to think how bad it would have to get for him to call it severe. So - what's the weather like on Planet Zog at the moment, Olli? The Eurocratic elite view the appalling economic conditions in Greece, Spain, Portugal and some areas of Italy with a completely dismissive attitude, and just pretend these problems don't exist. There is nothing stopping the Spanish and Greeks from learning English and German and relocating throughout Northern Europe if these conditions persist, in which case we will see higher unemployment spread throughout Europe as the population migrates to where the jobs and relative economic prosperity is. By EU law, all countries are under no obligation to employ workers of their own nation first and so will employ whomever they deem the most qualified or in the case of low skilled jobs the hardest workers. This will cause a sharp rise in nationalism and a backlash against the EU in northern European nations such as the UK, Germany, Finland, Sweden, and Denmark as unemployment rises and result in an increasing liklihood that any new EU treaties would not pass on a referendum and possibly put the ESM in jeapardy.
The other possibility is that we will see widespread civil unrest throughout the Southern EU. Unemployment like that being experienced in Spain almost inevitably leads to civil unrest at some point. Zero agreement on Greek bailout yet BUT MEPs have passed a vote that the EU Flag should appear on sports shirts and for the EU Flag to be flown at all European major sporting events. Reminiscent of "Escape to Victory" film where the German propaganda football match took place in a stadium draped with Swastikas ... Wonder if Frau Merkel offered the Chinese the sports shirt and flag production contracts in return for euro support.