The European Central Bank Even says that State-funded pension obligations in 19 of the European Union nations were about 5X higher than their gross debt combined. The countries had almost 30 trillion euros ($39.3 trillion) of projected obligations to their existing populations, this in 2009!
The top two (or worse two):
- Germany: 7.6 trillion euros
- France: 6.7 trillion euros
Similar to Japan, stable or falling birthrates, and people living longer (older), are adding to pressures, with the proportion of economic output devoted to spending on retirement benefits projected to rise by a quarter to 14 percent by 2060.
"Europe has the highest proportion of people aged over 60 of any region in the world, and that is forecast to rise to almost 35 percent by 2050 from 22 percent in 2009, according to a report from the United Nations. That compares with a global estimate of 22 percent by 2050, up from 11 percent in 2009". (
Bloomberg)
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