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EURO ZONE DISASTER
Things are going bad to worst in Euro Zone after recent elections in France and Greece. In Greece no partyis able to form government and battle of words is still going on between different parties. All three party leaders in Greece’shave opposed new austerity measures demanded by EU. Elections results show that wide majority of people have also refused austerity majors imposed by EU. Representatives of the EU have responded aggressively and insisting that austerity measures must go forward. President Nicolas Sarkozy also lost majorityin French elections and French people elected first Socialist president in 17 years. New elected president Francois Holland also opposed EU austerity plan. Large public protest and large gatherings also held in Spain against unemployment, public cuts and austerity majors. Unemployment in Spain has risen to nearly 25 percent. In Spain every one in four is out of work. Thousands of people gathered in Madrid against government austerity plan and spending cuts. Main supporter of EU austerity plan German Chancellor Angela Merkel’s party has also suffered a heavy losses in elections in her home state and lost nearly fifty percent votes. Things are also going bad to worse in Italy, Ireland, and Portugal. Due to uncertain situation in Euro Zone, Euro is going down and now US is also feels termers of this economic meltdown.In first quarter,two billion dollars have wiped out from leading US bank JP Morgan Chase. After heavy losses three top executes of Bank have quit their jobs. Trading index is also going down in Asian markets after recent elections in Europe, uncertain economic situation and fall of Euro.