As bad as the economy is in America, the situation is far worse in the European countries. The entire country of Iceland is bankrupt and the government has been toppled. France is facing rioting in the streets. Other European governments are watching their currency value collapse and unemployment rise to staggering levels. Compared to Europe, the USA is doing well.
Governments across Europe tremble as angry people take to the streets
Ian Traynor, Europe editor
The Guardian, Saturday 31 January 2009
France paralyzed by a wave of strike action, the boulevards of Paris resembling a debris-strewn battleﬁeld. The Hungarian currency sinks to its lowest level ever against the euro, as the unemployment ﬁgure rises. Greek farmers block the road into Bulgaria in protest at low prices for their produce. New ﬁgures from the biggest bank in the Baltic show that the three post-Soviet states there face the biggest recessions in Europe.
It's a snapshot of a single day – yesterday – in a Europe sinking into the bleakest of times. Excerpted from guardian.co.uk